Page 6 - LatAmOil Week 22 2021

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Sempra raises stake in IEnova to 96.4%

US-BASED Sempra Energy reported last week projects plus certain cross-border and in-coun-
that it had increased its equity stake in IEnova, try natural gas pipelines and gas distribution
its Mexican subsidiary, to 96.4% following the facilities – into a self-funding entity. IEnova
expiry of its share exchange offer. is sure to play a key role in the success of this
In a statement, Sempra described the results new company, given that Sempra Infrastructure
of the exchange as a success, noting that it had Partners’ portfolio includes the pipelines that
exceeded its original goal of raising its owner- will deliver feedstock from the US to the Energía
ship to 95%. It acknowledged that it had not Costa Azul (ECA) gas liquefaction plant.
reached the updated target level of 100% own- IEnova is building the first phase of the ECA
ership but said it was now “one step closer to plant on the site of an existing LNG import and
achieving its goal of acquiring the remaining regasification terminal. When finished, the first
3.6% interest.” phase will be able to turn out 2.4mn tonnes per
Sempra launched the exchange last Decem- year of LNG. The terminal’s production capacity
ber with the goal of gaining all 433,242,720 IEn- may eventually rise to 12mn tpy. ™
ova ordinary shares that were not already in its
possession, offering to swap 0.0323 shares of its
own stock for every single share in the subsidi-
ary. By the time the exchange ended on May 24,
it had secured 381,015,194 additional shares in
IEnova and was due to issue 12,306,777 shares
of its own common stock to the participating
sellers.
The exchange was due to be completed in full
by May 28, the date on which shares in Sempra
began trading on the Mexican Stock Exchange.
Sempra’s stock is already listed on the New York
Stock Exchange (NYSE) and will continue to
trade there.
The company executed the share swap within
the framework of a wider effort to leverage one
of its new units – Sempra Infrastructure Part-
ners, a company formed to manage its LNG IEnova is building the Energía Costa Azul LNG plant (Photo: Sempra Energy)

EL SALVADOR
Boskalis making progress on pipeline for

LNG-to-power project in El Salvador

BOSKALIS, a Dutch dredging and offshore ser- coast for the line.
vices provider, has nearly completed work on a “The 24-inch [610-mm] pipeline was pulled
subsea pipeline that will support an LNG-to- through the micro tunnel and trench by our
power project in El Salvador. powerful construction support vessel BOKA
In a statement issued last week, Boskalis Falcon, [which] also installed the pipeline end
reported that it had reached a key milestone in termination and mooring system for the FSRU,”
the project, which encompasses the construc- the statement said.
tion of a 2-km pipeline that will link an offshore Boskalis is now slated to work on the final
floating storage and regasification unit (FSRU) phase of the project in the second half of 2021,
to an onshore natural gas-fired thermal power it added. “We are looking forward to the final
plant (TPP). phase of the project later this year, when we will
Specifically, it said it had pulled some pipe assist with the mooring and hook up the FSRU
into the onshore micro-tunnel and trench sys- that will receive the LNG for the power plant,”
tem built at the port of Acajutla on the Pacific it said.

P6 www. NEWSBASE .com Week 22 03•June•2021