IEnova Sees Better Prospects in Mexico and Signs Up for New Projects
11.16.2020 - NEWS

November 16, 2020 [Explica] – At the beginning of the year, IEnova announced an investment of 850 million dollars in Mexico during 2020, of which 455 million would be allocated to hydrocarbon storage systems in different ports of the country. But in July, the company adjusted its investment plans and announced at an investor conference that it would cut its spending from $ 850 million to $ 650 million this year, and that it would move that $ 200 million by 2021.

 
Four months later, and with a second investment plan, which will open the door to private investment in the sector, the company sees new opportunities in the country.

“In the first investment package there were few energy projects and all of them very much anchored to state companies, but now we believe that this second package will generate greater confidence and certainty in the private sector,” said Zamora. “We have not stopped from investing this year, we have mainly made great progress in the storage terminals, given that there are many new gasoline traders that require capacity ”, he added.

The executive vice president of corporate and public affairs of IEnova Mexico said that, although the sector “is very cyclical and its performance goes hand in hand with the growth of the economy,” the company sees many areas of opportunity in the midst of the economic crisis, derived from lags in infrastructure, both in the generation and transmission of energy, and in the transport of hydrocarbons and gas.

“We see investment possibilities in renewable energy, to meet international commitments to reduce emissions, and also in transmission lines throughout Mexico,” said Zamora. “We also see opportunities to expand the gas pipeline network in the southern region. southeast of the country ”.

Last week, the Federal Electricity Commission (CFE) renegotiated five gas pipelines to extend the service that the companies, IEnova among them, will provide to the federal government for 10 years.

The IEnova executive explains that “the needs to reactivate the economy” have led to a “closer” dialogue and a “positive conversation” between the public and private sectors.

“We see 2021 with a positive sense,” concluded Zamora during his speech at the panel organized by ASCOA.

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