LNG

May 25 (LNGJ) - Infraestructura Energética Nova (IEnova), the Sempra Energy subsidiary in Mexico and owner of the Costa Azul LNG project, said Mexican Stock Exchange transactions had been completed on behalf of Sempra in the exchange offer launched on April 26, 2021. The transactions were to acquire all of the IEnova ordinary shares not owned directly or indirectly by Sempra in exchange for shares of Sempra common stock at an exchange ratio of 0.0323 shares of Sempra stock for each IEnova public share.

   The share offer in Mexico is part of a corporate overhaul to group all LNG operations in an infrastructure company. Sempra Energy’s direct and indirect ownership interest in the IEnova stock increased from 70.2 percent to 96.4 percent of the total outstanding IEnova shares. “The remaining 3.6 percent of the outstanding IEnova shares continue to be held by public investors and are traded on the Mexican Stock Exchange,” said IEnova.

US company Air Products, the world’s leader in liquefied natural gas technology and equipment, has signed an agreement to provide propriety equipment and a related process license to the Sempra Energy Mexican LNG export plant at Costa Azul on the Pacific Coast.

TechnipFMC, the Franco-US company, said it received a notice to proceed for its Costa Azul LNG engineering, procurement and construction contract following the positive final investment decision taken by Sempra Energy of the US and its Mexican subsidiary for the project on the Pacific Coast of Mexico.

Infraestructura Energética Nova (IEnova), the Sempra Energy subsidiary in Mexico with plans for LNG production and whose assets include stakes in four major Mexican natural gas pipelines, has successfully completed an international offering to raise US$800 million, underpinning confidence in the North American gas sector.

IEnova, the Sempra Energy Mexico-based subsidiary developing the Costa Azul LNG export plant on the Pacific Coast, boosted its first-quarter earnings with revenues from the South Texas-Tuxpan natural gas pipeline.

IEnova, the Mexican subsidiary of California-based utility Sempra Energy and developer of the Costa Azul liquefied natural export venture on the Pacific Coast of Mexico, reported a rise in four-quarter earnings as it pursues Mexican pipeline projects and LNG feed-gas resources from the US.

Sempra Energy, the California-based utility and owner of the Cameron LNG export plant in Louisiana, said its Mexican subsidiary had reached agreement with the regulators in Mexico on two key natural gas pipelines supplying cross-border US supplies.

Sempra Energy, the California-based utility and the newest US liquefied natural gas exporter with its liquefaction plant in Hackberry in Louisiana, said it was consistently working to strengthen its infrastructure to cope with extreme weather conditions in its home state and to supply LNG as clean energy to Asia to replace coal.

Sempra said its role includes taking a leadership position in modernizing North American natural gas pipelines and to increase safety and reliability.

It was also developing a comprehensive wildfire mitigation plan to help prevent electric equipment-related fires in California and to improve the ability of the power grid to meet extreme demand periods.

“In addition, the company expects to play a leadership role in the worldwide shift away from coal toward lower-emissions natural gas through the development of five LNG infrastructure projects in North America that should enable the delivery of LNG to consumers around the world,” stated Sempra in its corporate sustainability report.

The Cameron facility is one of three LNG export plants Sempra is developing in the region, along with Port Arthur LNG in Texas and the Costa Azul plant on the Pacific Coast of Mexico.

The five projects referred to are the expansion of Cameron and Port Arthur.

Sempra expects to become one of the largest US exporters of LNG with targeted volumes of 45 million tonnes per annum.

“Delivering energy with purpose is how we improve the lives of those we serve and is an integral part of who we are,” said Jeffrey W. Martin, Chairman and Chief Executive of Sempra.

“With a strong focus on safety, innovation and environmental stewardship, our company will deliver cleaner energy to the world - with purpose. This focus makes our company more effective and efficient,” he added.

Sempra’s main utilities in California are San Diego Gas & Electric Company and Southern California Gas Co.

San Diego-based Sempra also owns the Texas utility business Oncor and assets in Mexico through its Infraestructura Energetica Nova (IEnova) subsidiary.

“Sustainability will continue to be a key focus as we carry out our mission to be North America's premier energy infrastructure company,” noted Dennis V. Arriola, Executive Vice President.

“We recognize that we have a leadership role to play in the broader world and we're committed to doing the right thing and acting in an ethical and transparent manner in all aspects of our business,” stated Arriola.

Sempra Energy said the Cameron liquefied natural gas export plant at Hackberry in Louisiana was in the final stages of commissioning and production would be starting soon as the California-based utility forecast higher future LNG earnings.