Gas Processing & LNG is Produced by Gulf Publishing Holdings LLC



Sempra to buy remaining stake in Mexican unit in $6.13 B deal

Dec 2 (Reuters) - Sempra Energy said on Wednesday it would buy the remaining stake in a Mexican unit in a deal valued at $6.13 billion as it eyes new investments in renewables and energy storage amid growing global demand for cleaner fuels.

The company currently owns 66.43% of Infraestructura Energética Nova SAB de CV (IEnova), according to Refinitiv Eikon data, and its all-share offer for the rest implies a 15.2% premium to the stock's closing price on the Mexican exchange.

The deal comes shortly after the Mexican government unveiled a second package of 29 infrastructure investments worth some 228 billion pesos ($11.36 billion), aimed at lifting the nation's ailing economy.

The package included Costa Azul, a $2 billion LNG export plant being built by a Sempra unit in the country's Baja California area. The proposed plant is one of the biggest privately funded energy projects in Mexico and is the only LNG export project to reach a final investment decision this year.

Oil and gas companies around the world have pushed back decisions on new LNG terminals this year after the coronavirus pandemic hammered energy demand and prices, ending a long run of rising LNG investments as Asian countries tried to meet their rising energy demand and diversify fuel sources.

Sempra shares will trade on the Mexican stock exchange following the deal, and the company will combine IEnova with its North American liquefied natural gas export infrastructure unit Sempra LNG, it said.

The company said the new unit, Sempra Infrastructure Partners, would focus on the development and construction of North American LNG export and natural gas infrastructure alongside renewable energy generation.

Sempra will also sell a non-controlling interest in the new unit to fund growth, it said. All transactions are expected to be complete in the first quarter of 2021. ($1 = 20.0750 Mexican pesos) 


Copyright © 2019. All market data is provided by Barchart Solutions. Futures: at least a 10 minute delay. Information is provided 'as is' and solely for informational purposes, not for trading purposes or advice. To see all exchange delays and terms of use, please see disclaimer.

                                  CMEGroup                                     Icelogo

FEATURED COLUMNS

Editorial Comment
-Adrienne Blume
What are “green technologies,” and why do we need them in gas processing and LNG?
Executive Viewpoint: GTI’s Hydrogen Technology Center makes big strides in H2 projects, advocacy
-Kristine Wiley
To address the many challenges and opportunities in the world’s energy future, the U.S.-headquartered, global-focused GTI recently launched a Hydrogen Technology Center with world-class research and development capabilities.
Regional Focus: India leaps forward on natural gas infrastructure
-Gordon Feller
The operator of Europe’s largest natural gas transmission network is working to invest in the Indian gas pipeline business.


Throughput optimization for pipelines and gas plants

Register Now

Many processes within oil and gas pipelines and processing plants depend on maintaining specific temperatures and pressures at which the process fluids are liquids or gases. In addition, anytime water is a component in the process fluid hydrates can form and plug piping and vessels. Learn how Sensia’s Throughput optimization solution allows operators, and control systems to “see inside” the process in real time to understand where the facility is operating with respect to critical physical constants, including the phase envelope and hydrate temperature. This insight allows for more stable operation, reduced energy expenditure and associated emissions, and greater facility throughput. Case studies will include controlling methanol injection, managing heaters, virtual sensors for sulfur recovery units and more.

April 1, 2021 10:00 AM CDT

Register Now

 

Please read our Term and Conditions, Cookies Policy, and Privacy Policy before using the site. All material subject to strictly enforced copyright laws.
© 2021 Gulf Publishing Holdings LLC.