Cenit Transporte y Log?stica de Hidrocarburos S.A.S. completed the acquisition of additional 43.03% stake in Oleoducto Bicentenario de Colombia S.A.S. from Frontera Energy Corporation.
November 10, 2021
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Cenit Transporte y Log?stica de Hidrocarburos S.A.S. agreed to acquire additional 43.03% stake in oleoducto bicentenario de colombia s.a.s from Frontera Energy Corporation (TSX:FEC) on November 17, 2020. Transaction was signed to resolve all the disputes pending. Transaction is subject to approval by the competent Colombian court, regulatory approvals, opinion from the Attorney General?s Office (Procuradur?a General de la Naci?n) and approval of the Administrative Tribunal of Cundinamarca. As on November 1, 2021, Colombian judicial branch reported that the Administrative Tribunal of Cundinamarca had approved the conciliation agreement between Frontera, Cenit Transporte y Log?stica de Hidrocarburos S.A.S. and Oleoducto Bicentenario de Colombia S.A.S. Formalities are required in order for the mentioned decision to be in full force and effect. Consequently, the parties agreed to extend the deadline until November 30, 2021 to allow for the formalities to be completed.
Cenit Transporte y Log?stica de Hidrocarburos S.A.S. completed the acquisition of additional 43.03% stake in Oleoducto Bicentenario de Colombia S.A.S. from Frontera Energy Corporation (TSX:FEC) on November 11, 2021.
Frontera Energy Corporation is a Canada-based oil and gas company. The Company is involved in the exploration, development, production, transportation, storage, and sale of oil and natural gas in South America, including related investments in both upstream and midstream facilities. The Company has a diversified portfolio of assets with interests in 27 exploration and production blocks in Colombia, Ecuador, and Guyana, and pipeline and port facilities in Colombia. The Companyâs segments include Colombia, Ecuador, Guyana, Midstream Colombia, and Canada & Others. Colombia includes all upstream business activities of exploration and production in Colombia. Ecuador includes all upstream business activities of exploration and production in Ecuador. Guyana includes exploration and infrastructure. Midstream Colombia includes the Companyâs investments in pipelines, storage, port, and other facilities relating to the distribution and exportation of crude oil products in Colombia.
Cenit Transporte y Log?stica de Hidrocarburos S.A.S. completed the acquisition of additional 43.03% stake in Oleoducto Bicentenario de Colombia S.A.S. from Frontera Energy Corporation.