Pacific Rubiales to sell oil pipeline stake to Darby Private Equity for US$350 mln
Pacific Rubiales Energy Corp (TSX: PRE) (BVC: PREC) (BOVESPA: PREB) has agreed to sell its 5 percent interest and transportation rights in Columbian oil pipeline Oleoducto Central S.A. for US$385 million. The buyer is a consortium led by Darby Private Equity, the private equity investment arm of U.S. financial services firm Franklin Templeton, which will use an affiliate, Fondo de Infraestructura de Transporte de Colombia, to make the investment. The deal is expected to close early in 2014. Pacific Rubiales, a petroleum exploration and production company with headquarters in Toronto, will use proceeds of the sale to pay down debt incurred as a result of its acquisition of Petrominerales Ltd in Nov. 2013.
2 January 2014•6 mins read
