CEPSA Sells 5% of its Stake in Colombian Oil Pipeline OCENSA
OREANDA-NEWS. December 18, 2013. CEPSA has agreed to sell its share in the Colombian oil pipeline OCENSA to an investment group led by the private equity company Advent International. Under the agreement, CEPSA will keep its rights over transport capacity.
The company handles 60% of crude oil transportation from Colombia through its oil pipeline. CEPSA's interest in this company lies in its strategic location, which starts in an area where the company has an oil production site in the Los Llanos basin, Colombia.
OCENSA has a transport capacity for 590,000 barrels per day and runs for 830 km between the Los Llanos basin and the Atlantic Ocean.
According to CEPSA CEO Pedro Miro: “Our involvement with OCENSA and its other shareholders has been a great experience. However, CEPSA is now focusing its efforts on hydrocarbon exploration and production in the company and we are sure that the new shareholders, Colombian pension funds Porvenir, Proteccion and Advent, will drive the transport business in Colombia. This is still a strategic installation for us, which is why we are keeping our right over transport”