Tue, 6 October 2009
Colombia oil pipeline operator Oleoducto de Los Llaos Orientales (ODL) has sold $US259 million in local bonds to finance the construction of its 235 km Rubiales oil pipeline and pay back part of the investment to its owners.
The new bonds will be backed by the revenues the pipeline operator receives from shipping oil for state-controlled Ecopetrol, which also has a 65 per cent interest in ODL.
ODL’s pipeline was inaugurated earlier last month and currently ships about 72,000 bbl/d of oil from the Rubiales field to Colombia’s oil pipeline network for export.
Canada’s Pacific Rubiales Energy owns the remaining 35 per cent interest in ODL.
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Categories: Oil, South America
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