Norton Rose advises Petrominerales on acquisition of interest in Colombia’s Ocensa oil pipeline
September 19, 2011
The Calgary and Paris offices of international legal practice Norton Rose advised Petrominerales Colombia on the acquisition of all the shares of France’s Viacrudo SAS from Total E&P Holdings. Viacrudo SAS holds a 5% interest in Colombia’s 830-kilometre Ocensa crude oil pipeline. The US$281 million purchase was made through Petrominerales’ wholly-owned Colombian subsidiary Inversiones Sol del Sur SAS. Petrominerales is headquartered in Calgary.
Michael Bennett, corporate finance partner who led the Calgary team commented:
“The energy industry, like many others, is becoming increasingly global. This deal shows how Norton Rose is able to seamlessly serve energy and other clients around the world on deals which involve multiple international jurisdictions. It also shows that Calgary is at the centre of the energy sector in Canada and globally, both as a resource and as an economic hub.”
Stéphane Sabatier, corporate finance partner who led the Paris team commented:
“We were very pleased to assist Petrominerales complete this strategic acquisition. Colombia’s oil resources and production are booming and attracting more and more international investment. It’s a key South American market that our global energy team—one of the largest in the world—can help clients invest and grow in.”
The Ocensa pipeline transports sixty percent of the current total oil production in Colombia. Petrominerales’ new stake in Ocensa will help it lower its transportation costs and enhance its marketing flexibility. Total SA is one of the world’s largest integrated energy companies and is based in Paris.
The overall project coordination was provided by Michael Bennett in Calgary. The Paris team was led by Stéphane Sabatier and Martin Gdanski assisted by Thomas Ferreyrolles.
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Peter Zvanitajs, senior media relations advisor (English press), Norton Rose OR LLP
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Sandrine Chapuis, Business Development and Communication Manager, Norton Rose LLP
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