Finance & Investing
News Services
Newsletters
Get free industry updates via email.
Daily News
Weekly News
Equipment Updates
Weekly Job Register
Monthly Event Guide
Our privacy
pledge.


advertisement

CEPSA Sells Stake in Colombia Pipeline

change text size

Spain's CEPSA announced Wednesday that it has agreed to sell its share in the OCENSA oil pipeline in Colombia to private equity company Advent International.

CEPSA said the deal will allow it to keep its right to transport oil through the pipeline. OCENSA handles 60-percent of crude oil transportation from Colombia. The pipeline has a transport capacity of 590,000 barrels per day and runs for some 500 miles between the Los Llanos and the Atlantic Ocean.

CEPSA's interest in the pipeline is its strategic location: the pipeline starts near a CEPSA oil production site in the Los Llanos basin.

"Our involvement with OCENSA and its other shareholders has been a great experience. However, CEPSA is now focusing its efforts on hydrocarbon exploration and production in the company and we are sure that the new shareholders, Colombian pension funds Porvenir, Protección and Advent, will drive the transport business in Colombia. This is still a strategic installation for us, which is why we are keeping our right over transport," CEPSA CEO Pedro Miró said in a company statement.

 



Have a news tip? Share it with Rigzone!
Email news@rigzone.com

WHAT DO YOU THINK?

Post a Comment Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies

More from this Author
Rigzone Staff
e-mail us at news@rigzone.com
 -  Songa Completes $1.1B Loan Deal to Fin... (Oct 31)
 -  Baker Hughes Launches SeismicTrak (Oct 31)
 -  Global Petroleum Sees Progress with Li... (Oct 31)
 -  Petronas Carigali Extends BW Offshore'... (Oct 30)
 -  AWE, Santos Progress Development of In... (Oct 30)
Most Popular Articles
From the Career Center
Jobs that may interest you
Project Interface Manager
Expertise: Operations Manager, Project Management, Risk Management
Location: TX
 
General Manager
Expertise: Process Management
Location: Houston, TX
 
Pipeline Engineers
Expertise: Pipeline Engineering
Location: Houston, TX
 
search for more jobs