Pension funds in Colombia, Sociedad Administradora de Fondos de Pensiones y CesantÃas Porvenir and Administradora de Fondos de Pensiones y CesantÃa Protección, will join Advent, as a sponsor, through a co-investment fund formed by Advent, in buying around 22% interest of Ocensa from Talisman Energy, Total Colombia Pipeline and CompañÃa Española de Petróleos.
Ecopetrol’s subsidiary Cenit will retain majority stake of Ocensa, while the transaction is subject to customary closing conditions.
The pipeline, which is established in 1994, has an average pumping capacity of 590,000 barrels per day with eight stations and four distinct segments extending nationally over a length of 830km.
Ocensa, which moves around 60% of Colombia’s crude oil production, is the main pipeline between Llanos region of Colombia and the Atlantic Coast.
Ocensa president Luisa Lafaurie said, "We are pleased to welcome the Advent-led investor group as new investors in Ocensa, and we are excited to continue working with all of our shareholders to grow the company and ensure this critical asset maintains its proven track record of safety and reliability."
Talisman Energy CEO Hal Kvisle said the transaction enables the company to maintain competitive advantage, transporting oil from own operations and generating third-party revenue from any surplus capacity.
Total exploration and production president Ladislas Paszkiewicz said, "Ocensa has a bright future with some sound expansion projects in a tight transportation market, and we are confident that Advent International and its partners will provide valuable input."
Image: Advent International’s investor group to acquire 22% interest in crude oil transportation system in Columbia. Photo: Courtesy of xedos4/ FreeDigitalPhotos.net.
