Los Ramones Phase II-Norte Gas Pipeline Project

Project development, Project finance

$ 1.8 billion




  • Los Ramones Phase II-Norte Gas Pipeline Project
  • TAG Norte Holding received $1.8 billion from a group of lenders to finance the 454km pipeline.
  • Tag Pipelines is a subsidiary of Pemex, Mexico's state-owned oil company.
  • DEN (IENova/PGPB), TAG Pipelines and PMI Holdings acted as sponsors.
  • The lenders included Banco Santander, HSBC México, Grupo Financiero BBVA Bancomer, Sumitomo Mitsui Banking Corporation, Banco Inbursa, Crédit Agricole Corporate and Investment Bank, The Bank of Tokyo Mitsubishi UFJ and Banco Nacional de Obras y Servicios Públicos.
  • González Calvillo (Rodrigo Rojas) advised Tag Pipelines.
  • Ritch Mueller Heather & Nicolau (Jean Paul Farah Chajín, Jorge Oria y Anaya) advised the lenders
  • Rodríguez Dávalos Asociados advised on permit and authorization matters for the borrower.

Rani Mehta - Journalist - Latin America



Deal types:

Project development
Project finance

Practice areas:

Project finance
Project development

Industry sector:

Oil and gas


Party: TAG Pipelines Sur (Sponsor)

Party: Tag Pipelines Norte (Borrower, Guarantor, Project developer)

Party: PMI Holdings (Sponsor)

Party: Banco Santander (Lender)

Party: Sumitomo Mitsui Banking Corporation (Lender)

Party: Crédit Agricole Corporate and Investment Bank (Lender)

Party: HSBC México (Lender)

Party: Banco Inbursa (Lender)

Party: Banco Nacional de Obras y Servicios Públicos (Lender)

Party: The Bank of Tokyo-Mitsubishi UFJ (Lender)

Party: TAG Norte Holding (Borrower)