Canadian pipeline company Enbridge Inc. (NYSE: ENB) has agreed to sell its 24.7% equity stake in Colombia’s Ocensa pipeline to the country’s national oil company, Ecopetrol S.A. (NYSE: EC). The sale is worth about $400 million, and gives Ecopetrol a 60% stake in the pipeline.
When Enbridge announced its fourth quarter results, the company noted that delays in development of the Canadian oil sands would force the company to delay new pipeline construction, which were among Enbridge’s long-term growth projects. To make up for the slower growth in the oil sands, Enbridge said it saw “the pendulum of opportunity swinging back toward natural gas.”
Enbridge might need a new crystal ball. But the sale of Ocensa has boosted the shares nearly 2% so far this morning.
Paul Ausick
March 16, 2009
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