Pacific Rubiales Ups Stake in Port Venture

Pacific Rubiales has increased its stake in infrastructure development company Pacific Infrastructure, which is erecting a port and pipelines in Cartagena, it says. The Colombian oil company has agreed to purchase 140m shares at $1.00 a share, for a total purchase price of $140m. The deal leaves Pacific Rubiales with a 61.5m share, or 30%, position in Pacific Infrastructure. Officials at Pacific Rubiales and Pacific Infrastructure could not immediately be reached for comment. As part of the deal, Pacific Rubiales will also fund the subscription in tranches of $20m for the venture’s working capital during the coming year. Panama-based Pacific Infrastructure is responsible for the Puerto Bahia port project and the pipeline linking Covenas with Cartagena. The energy company is looking for a way to expand its storage capacity down the line as it intends to increase its production capacity going forward, it says.