Tuesday, November 22, 2011
ConocoPhillips sells interests in Colonial, Seaway Pipelines for $2 billion
HOUSTON, Texas - ConocoPhillips said on Nov. 16 that it was selling its interests in two pipeline companies for a total of $2 billion.
The Houston oil and natural gas company announced that a subsidiary of a Canadian pension plan will buy its 16.55 percent investment in Colonial Pipeline Co. and Colonial Ventures LLC. Conoco said it will sell its 16.55 percent interest in Colonial Pipeline and Colonial Ventures to a subsidiary of pension fund Caisse de Depot et Placement du Quebec for $850 million.
Caisse, Canada's largest pension fund administrator with C$199 billion in assets under management, is among the Canadian pension funds that are increasingly looking toward direct investments in the resources sectors.
A subsidiary of Enbridge Inc. is buying Conoco’s stake in the Seaway Crude Pipeline Co.