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
Essential Tips for Investing: Sponsored
A financial advisor can help you understand the advantages and disadvantages of investment properties. Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.
Investing in real estate can diversify your portfolio. But expanding your horizons may add additional costs. If you’re an investor looking to minimize expenses, consider checking out online brokerages. They often offer low investment fees, helping you maximize your profit.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Editors' Picks
