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
Sponsored: Want to Retire Early? Here’s a Great First Step
Want retirement to come a few years earlier than you’d planned? Orare you ready to retire now, but want an extra set of eyes on your finances?
Now you can speak with up to 3 financial experts in your area for FREE. By simply clicking here you can begin to match with financial professionals who can help you build your plan to retire early. And the best part? The first conversation with them is free.
Click here to match with up to 3 financial pros who would be excited to help you make financial decisions.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Editors' Picks
