SRE: Mexico will give LNG conditional export permit -- AMLO! Link here.
- Sempra Energy's local IEnova unit likely will receive an export permit for a proposed liquefied natural gas facility in northwest Mexico, as long as the company helps offset an oversupply of gas in the area, Mexican Pres. Lopez Obrador says.
- The President says he is inclined to approve the permit but stresses what he considers excess natural gas in the area around the northern Pacific coast, given that state-owned power company Comision Federal de Electricidad does not use the fuel to generate electricity.
- Lopez Obrador says supply contracts signed by the previous government obliged CFE to buy natural gas that is not needed.
- The comments appear to walk back the government's interest in requiring IEnova to build a second LNG export facility before approving the pending plant in Ensenada, which was reported in August.
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SRE: I've always considered "SRE" a $124-stock. Currently up over 1.3%; up $1.74 -- now trading just over $134.
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