CEPSA has agreed to sell its share in the Colombian oil pipeline OCENSA to an investment group led by the private equity company Advent International. Under the agreement, CEPSA will keep its rights over transport capacity.

The company handles 60% of crude oil transportation from Colombia through its oil pipeline. CEPSA's interest in this company lies in its strategic location, which starts in an area where the company has an oil production site in the Los Llanos basin, Colombia.

OCENSA has a transport capacity for 590,000 barrels per day and runs for 830 km between the Los Llanos basin and the Atlantic Ocean.

According to CEPSA CEO Pedro Miró: “Our involvement with OCENSA and its other shareholders has been a great experience. However, CEPSA is now focusing its efforts on hydrocarbon exploration and production in the company and we are sure that the new shareholders, Colombian pension funds Porvenir, Protección and Advent, will drive the transport business in Colombia. This is still a strategic installation for us, which is why we are keeping our right over transport”

About CEPSA

CEPSA is an energy group which is wholly owned by IPIC, employing almost 11,000 people and operating at every stage of the hydrocarbon value chain. It is engaged in petroleum and natural gas exploration and production activities; refining, transport and sale of crude oil and natural gas derivatives; biofuels, cogeneration and electricity sales. CEPSA has an important petrochemicals division which is closely integrated with its oil refining activities. The company manufactures and markets raw materials for producing high added-value products used mainly to produce new generation plastics and biodegradable detergents. CEPSA has a significant share of the Spanish market. It is gradually internationalising its activities and is now operating in Algeria, Brazil, Canada, China, Colombia, Panama, Peru and Portugal, selling its products worldwide.