Spain's Enagas and Elecnor have acquired a company that holds the rights to build and operate a 216.6 million euro ($270 million) natural gas pipeline in Mexico.
Enagas, Spain's national gas grid operator, and Elecnor, an engineering and infrastructure firm, will each hold 50 percent stakes in the pipeline owner and will jointly carry out engineering, construction and operational functions, Enagas said in a regulatory filing.
The economy minister's fund for the internationalization of Spanish companies granted a roughly 40 million euro ($50 million) loan for this project.
A separate loan also was secured from Mexican state-run development bank Banobras and private bank Banamex, the Mexican unit of Citigroup.
The 160-kilometer (100-mile) gas pipeline, scheduled to come online in mid-2013, will transport natural gas from the east-central state of Tlaxcala to the central state of Morelos.
The pipeline will provide natural gas transport services for Mexico's Federal Electricity Commission under a 25-year service contract. EFE