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(Photo: Archive/El Universal)

Mexico anti-trust body objects to IEnova, Pemex pipeline deal

19/12/2015
12:08
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Both IEnova, a unit of U.S.-based Sempra Energy, and Pemex said in statements that they would restructure the deal to meet the requirements.

Mexico's competition watchdog on Friday said it objected to a deal for Mexican energy infrastructure firm IEnova to buy out state-run oil company Pemex's stake in pipeline company Gasoductos de Chihuahua.

The Federal Economic Competition Commission (COFECE) said in a statement that Pemex had not sold its stake in a liquefied petroleum gas pipeline and the San Fernando natural gas pipeline, which had been required by a previous anti-trust agency that COFECE has replaced.

Both IEnova, a unit of U.S.-based Sempra Energy, and Pemex said in statements that they would restructure the deal to meet the requirements and that IEnova could acquire Pemex's stake in Gasoductos de Chihuahua, excluding the assets signaled by COFECE.

IEnova said in July that it would buy Pemex's 50 percent stake in Gasoductos de Chihuahua for US$1.325 billion.

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