As part of an effort to increase operational and financial efficiency established in its Business Plan aimed at maximizing the value of the company, Pemex announced the divestment of its stake in Gasoductos de Chihuahua equivalent to 50 percent of the share capital. The resources obtained will be invested on more profitable strategic projects, thereby reducing the needs of increasing debt.

The sum of the transaction amounted to 1,325 million dollars. The price is within the range of valuations of companies in the same industry in North America. As a result, IEnova will own 100 percent of the company.

The assets subject to the transaction are three pipelines of natural gas, an ethane pipeline, one LP gas pipeline and a storage terminal of LP gas.

The transaction is expected to be completed in the following 120 days, once the relevant corporate and regulatory approvals are obtained, among of them there is the approval of the shareholders of IEnova and the Federal Economic Competition Commission.

Pemex and IEnova will maintain their partnership in the Los Ramones II Norte project through the company Ductos y Energéticos del Norte. Through this joint venture, both companies will complete the construction of this project and will be able to continue the development of new projects in the future.

With this operation, Pemex reiterates its commitment to continue to strengthen its finances by focusing on activities that generate greater value in the new context of the national oil and gas industry.

BBVA Bancomer and Credit Suisse provided the operation’s financial structure for both IEnova and Pemex, respectively.

About Pemex

Pemex, Mexico's state oil company, is engaged in the exploration, production, transportation, refining, storage and sale of hydrocarbons and derivatives. Its products include petrochemicals, natural gas, liquid gas, sulphur, gasoline, kerosene and diesel. Pemex operates 344 production fields, 6,382 production wells, 225 off-shore platforms, 6 refineries, 8 petrochemical complexes, 7,896 km of gas pipeline, 4,548 km of oil pipeline, and 19 LPG distribution terminals.