Ienova Leads Advances in Mexico After Winning Pipeline ContractBen Bain
Infraestructura Energetica Nova SAB led gains in Mexico after winning a 25-year government contract to build and operate a natural-gas pipeline near the U.S. border.
Ienova, as the company is known, climbed 1.2 percent to 81.58 pesos at 11:04 a.m. in Mexico City. The unit of U.S. utility Sempra Energy has surged 140 percent since its March 2013 initial public offering, compared with a 4.8 percent gain for the IPC index.
The Mexican government awarded Ienova a contract to construct a 205-kilometer (127-mile) pipeline in Chihuahua state near the U.S.-Mexico border, the company said in an e-mailed statement yesterday. The pipeline, which will be in operation by 2017, requires a $300 million investment, it said.