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Ecopetrol Buys Stake In Colombian Pipeline

Colombia's state-controlled oil company Ecopetrol agreed to acquire the majority stake in a Colombian pipeline from Canadian energy transportation company Enbridge for $417.8 million, Dow Jones Newswires reported Monday

The transaction, to be concluded Tuesday, will allow Ecopetrol to increase its stake in the Ocensa pipeline from 35.3% to 60%, Ecopetrol added.

Ocensa is the country's main oil pipeline, with capacity to transport as much as 650,000 barrels per day.

The 829-kilometer pipeline runs from the oil fields of Cusiana and Cupiagua, which are controlled by BP PLC, to the oil port of Covenas on the Caribbean coast.

"This transaction strengthens Ecopetrol's strategic positioning in the oil transportation business as it acquires the main artery for oil transportation," Ecopetrol added.

Shares of Ecopetrol rose 0.7% on Friday to 2,090 pesos ($0.84), while the IGBC stock index climbed 0.7%. The Colombian stock market hasn't opened yet.

Source: Dow Jones Newswires