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Pacific Rubiales to sell Colombia pipeline stake for $385 million

Reuters
An employee of the Canadian Pacific Rubiales Petroleum Company ascends an oil storage tank in Campo Rubiales field in Meta, eastern Colombia April 21, 2010. REUTERS/Jose Miguel Gomez

(Reuters) - Pacific Rubiales Energy Corp (Toronto:PRE.TO - News), the largest private oil producer in Colombia, said it would sell its interest in the country's largest oil pipeline to a group led by the private equity arm of Franklin Templeton for $385 million.

The deal follows Canadian oil producer Talisman Energy Inc's (Toronto:TLM.TO - News) decision earlier this month to sell its stake in the 590,000-barrel-per-day Ocensa oil pipeline to an investment group for about $595 million.

Toronto-based Pacific Rubiales had bought a 5 percent stake in the pipeline as part of its C$1.6 billion acquisition of Canadian oil company Petrominerales Ltd in November.

Pacific Rubiales said on Monday it would use the proceeds to repay the debt related to the Petrominerales acquisition, reducing the acquisition cost to about C$1.2 billion.

(Reporting by Ashutosh Pandey in Bangalore; Editing by Saumyadeb Chakrabarty)