The mid-year project paper drought was difficult on those eager to diversify their portfolios from US power. Fortunate, then, that some of the best structured assets to come out since Enronitis spread in earnest have been in the Mexican gas sector. The San Fernando pipeline deal, a joint venture between El Paso and Pemex, looks like being another eagerly-received deal in the resurgent sector.
San Fernando is a 120km pipeline that runs from the north of Mexico to the centre of the country, carrying gas from the gas-producing areas in the Burgos basin and the US border to the gas-hungry part of Mexico around Monterrey, where there are a number of independent power projects in preparation. The most significant of these are the Naco Nogales and Hermosillo projects, the first of which is awaiting financing.
San Fernando has been structured...
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