Tuesday, March 17, 2009

Canada and Colombia -- Ecopetrol to purchase Enbridge stake in Ocensa pipeline

Colombia's state oil company Ecopetrol (NYSE: EC) will purchase a 24.7% stake held by Canada's Enbridge (NYSE: ENB) in the Ocensa pipeline in Colombia for US$418mn.

Ecopetrol's stake in the pipeline will increase to 60% as a result of the transaction, Ecopetrol said in a statement.

The transaction will strengthen Ecopetrol's position in the oil transport industry and allow it to increase output in the Eastern Plains region of Colombia.