Colombia’s largest private oil company Pacific Rubiales invested $140 million in Panamanian company Pacific Infrastructure.
Canada-based Pacific Rubiales announced it bought 140 million common priced shares at $1 each.
Pacific Infrastructure is constructing a crude oil terminal and port in Puerto Bahia, Cartagena and an oil pipe to connect the same city to Coveñas, further along the Caribbean coast.
Pacific Rubiales’ CEO Ronald Pantin said “With this investment into one of Colombia’s only newly developing ports, Pacific Rubiales moves one step closer to increasing its oil storage and export capacity at a meaningful reduction to current cost.
“With Pacific Rubiales planning to double its oil production over the next five years, the investment is very strategic to our future growth plans.” He added.
Pacific Rubiales now owns 30% of Pacific Infrastructure’s issued and outstanding shares and Patin will sit on the company’s board of directors.