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    IENOVA *   MX01IE060002

INFRAESTRUCTURA ENERGÉTICA NOVA, S.A.B. DE C.V.

(IENOVA *)
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At G20, Canada raises concern about Mexico gas pipeline row

06/29/2019 | 11:09am EDT
Mexico's Finance, Foreign ministers speak at Council of the Americas event

MEXICO CITY (Reuters) - Canada expressed its concern about a gas pipeline dispute that has raised diplomatic tensions with Mexico during the Group of 20 nations summit in Japan, but the matter could be resolved soon, Mexican Finance Minister Carlos Urzua said on Saturday.

Mexican state power utility CFE [COMFEL.UL] said this week it would negotiate a “fairer” resolution to contractual disputes over several pipelines being built by companies including Mexico's IEnova and Canada’s TC Energy Corp.

Urzua said he met with Canada's Finance Minister Bill Morneau during the summit and was "optimistic" there would be an agreement soon.

"He expressed his concern about this matter of TransCanada," Urzua said, using a previous name for TC Energy Corp.

IEnova, a unit of U.S.-based Sempra Energy, says the CFE is seeking arbitration over a contract it signed in partnership with TC Energy to build a $2.5 billion pipeline from Texas to the Mexican Gulf coast port of Tuxpan.

"We hope this problem is resolved very soon ... That it doesn't even reach the level of international arbitration, and that simply an agreement is reached between the sides. We are very optimistic about that," Urzua said.

The row has revived concerns that Mexican President Andres Manuel Lopez Obrador's government could put in jeopardy contracts signed under previous administrations, the last six of which the leftist president has characterized as part of a corrupt "neo-liberal" era.

He has been highly critical of the government of his predecessor Enrique Pena Nieto, who sought to lift economic growth by opening up the energy sector to private capital, an approach that Lopez Obrador has so far roundly rejected.

(Reporting by Dave Graham; Editing by Paul Simao)

By Dave Graham


© Reuters 2019
Stocks mentioned in the article
ChangeLast1st jan.
HOPE, INC. -2.69% 1051 End-of-day quote.-76.62%
INFRAESTRUCTURA ENERGÉTICA NOVA, S.A.B. DE C.V. -0.58% 79.39 End-of-day quote.2.35%
TC ENERGY CORPORATION -1.03% 63.31 Delayed Quote.23.61%
All news about INFRAESTRUCTURA ENERGÉTICA NOVA, S.A.B. DE C.V.
04/08INFRAESTRUCTURA ENERGETICA NOVA B DE : Sempra Energy's IEnova Unit to Report Fir..
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04/05INFRAESTRUCTURA ENERGETICA NOVA B DE : Sempra Energy to sell 20% stake in unit t..
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02/03SEMPRA ENERGY  : 's IEnova Unit to Report Year-End 2020 Earnings Feb. 18
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2020Sempra Plans Reorganization, to Bid for Publicly Traded IEnova Shares
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2020EXCLUSIVE : Second Mexico investment plan worth up to $10 billion - sources
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2020Sempra to go ahead with Mexico Costa Azul LNG export plant
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2020INFRAESTRUCTURA ENERGETICA NOVA B DE : Mexico president offers Sempra LNG export..
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2020INFRAESTRUCTURA ENERGETICA NOVA B DE : IEnova expects Mexican export permit for ..
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2020SEMPRA ENERGY  : 's IEnova Unit To Report Third-Quarter 2020 Earnings Oct. 21
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2020SEMPRA ENERGY  : 's IEnova Unit To Report Second-Quarter 2020 Earnings July 22
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Financials (USD)
Sales 2021 1 354 M - -
Net income 2021 498 M - -
Net Debt 2021 3 692 M - -
P/E ratio 2021 14,0x
Yield 2021 3,30%
Capitalization 5 749 M 5 677 M -
EV / Sales 2021 6,97x
EV / Sales 2022 6,10x
Nbr of Employees 1 488
Free-Float 29,8%
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Mean consensus OUTPERFORM
Number of Analysts 9
Last Close Price 3,96 $
Average target price 4,78 $
Spread / Average Target 20,7%
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Managers and Directors
NameTitle
Tania Ortiz Mena López Negrete Chief Executive Officer & Director
Carlos Ruiz Sacristán Pemán Executive Chairman & Executive President
Carlos Mauer Díaz Barriga Chief Financial Officer
René Buentello Carbonell Chief Compliance Officer & General Counsel
Aarón Dychter Poltolarek Independent Director
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