Scandinavian Oil-Gas Magazine
http://www.scandoil.com/moxie-bm2/news/pacific-rubiales-to-sell-us320-million-of-interest.shtmlPacific Rubiales to sell U.S.$320 million of interest in Pacific Midstream to IFC
Pacific Rubiales Energy Corp. has executed definitive agreements with the International Financial Corporation (IFC), a member of the World Bank
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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.
