Ecopetrol to Acquire Enbridge Shares in Colombia Ocensa Pipeline

Energy Resource, March 16, 2009

ENERGY RESOURCE-16 March 2009-Ecopetrol to Acquire Enbridge Shares in Colombia Ocensa Pipeline(C)2009 JeraOne - http://www.jeraone.com

Ecopetrol S.A. today announced an agreement to acquire the Enbridge Inc.'s shares in Colombia's Oleoducto Central S.A. (Ocensa) for US$417.8 million.

With this transaction, which it expected to close on March 17, Ecopetrol's shares in Ocensa will increase from 35.3% to 60%.

The Ocensa pipeline starts onshore at the Cusiana and Cupiagua fields, has a capacity to transport up to 650 thousand barrels of oil per day, a length of 829 kilometers, five pumping stations and an export port in Covenas on the Colombian Caribbean Coast.

Ecopetrol said the transaction will strengthen its position in the most important oil transport system in Colombia and is vital to the company's growth strategy of increasing oil production in the eastern plains region of Colombia.

The Ocensa pipeline has enabled Ecopetrol and other operators to increase crude oil production in the plains area, the largest oil production region in the country, and has significantly increased its production of oil in recent years as a result of the development of heavy crude oil fields.

Ecopetrol S.A. is Colombia's largest company. Besides Colombia, it is involved in oil exploration and production activities in Brazil, Peru and the United States (Gulf of Mexico). Ecopetrol owns the main oil refinery in Colombia, most of the Colombian transportation network of oil, and multiple pipelines in the country.

Enbridge Inc., a Canadian company, is a leader in the transport and distribution of energy in North America and has, since 1995, owned 24.7% of the shares in Ocensa. It has been the operator of the 829 kilometer-long Ocensa pipeline, as well as Ocensa's five pumping stations and export port in Covena.

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