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Pacific Rubiales to sell U.S.$320 million of interest in Pacific Midstream to IFC


Published Dec 22, 2014
Pacific Rubiales Energy Corp.

Pacific Rubiales Energy Corp. has executed definitive agreements with the International Financial Corporation (IFC), a member of the World Bank Group, the IFC Global Infrastructure Fund ("GIF" managed by the IFC Asset Management Company LLC) and a consortium of investors, whereby it has agreed to sell approximately 43% of its interest in Pacific Midstream Ltd. (Pacific Midstream), which holds certain of the Company's pipeline and power transmission assets, for a total consideration of U.S.$320 million.

The agreements will provide the Company with U.S.$240 million in cash, which will be received by year-end. In addition, Pacific Midstream will receive U.S.$80 million in the first quarter of 2015, plus a commitment for an additional U.S.$60 million in cash to develop future infrastructure projects.

Tags: Pacific Rubiales Energy Corp.




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