Enbridge Selling Spanish Pipeline Stakeadmin
Crude oil pipeline operator Enbridge Inc. plans to sell its minority stake in a Spanish petroleum products pipeline company for about $1.37 billion in cash.
The buyers of the 25 percent stake in Cia. Logistica de Hidrocarburos SA are subsidiaries of Deutsche Bank AG, the Public Sector Pension Investment Board, Stichting Pensioenfonds Zorg en Welzijn and AMP Capital Investors.
Toronto-based Enbridge said in February it was considering alternatives for the asset. Closing is set for next month.
Enbridge will apply sale proceeds to projects in North America. The company has about $12 billion in projects under way; including a $2.5 billion crude oil pipeline from Wisconsin to the Chicago area, a $3 billion oil line from Alberta to the U.S. Midwest, and a $2.3 billion pipeline from the Chicago area to Alberta. The company is also building regional pipelines in the Alberta oilsands region.