Oil and Gas

Mexico's IEnova says recasts Pemex deal to buy pipeline stake

MEXICO CITY, July 12 (Reuters) - IEnova, the Mexican unit of U.S.-based Sempra Energy, said on Tuesday it had restructured a deal to buy state-run oil company Pemex’s 50 percent stake in pipeline company Gasoductos de Chihuahua for $1.108 billion.

In December, Mexico’s Federal Economic Competition Commission (COFECE) said it objected to a previous incarnation of the deal, as Pemex had failed to sell its stakes in a liquefied petroleum gas pipeline and a natural gas pipeline, as ordered by a previous anti-trust agency.

On Tuesday, IEnova announced it had restructured the deal with Pemex, which would be able to proceed once it had finished complying with the watchdog’s conditions.

IEnova said it would pay a minimum of $1.108 billion for the stake, less than the $1.325 billion it pledged to pay last July.

Reporting by Gabriel Stargardter; Editing by Bernadette Baum