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Enbridge sells interest in Spanish pipeline

Calgary-based Enbridge Inc. is selling its stake in Spain’s CompaniaLogistica de Hidrocarburos SA for $1.4 billion and will use theproceeds to help fund its North American oil and gas pipelineexpansion, it said yesterday.

Calgary-based Enbridge Inc. is selling its stake in Spain’s Compania Logistica de Hidrocarburos SA for $1.4 billion and will use the proceeds to help fund its North American oil and gas pipeline expansion, it said yesterday.

Enbridge, best known as the operator of Canada’s main oil export pipeline, said it agreed to sell its 25 per cent interest in the Spanish line, known as CLH, to units of Deutsche Bank AG , the Public Sector Pension Investment Board, Stichting Pensioenfonds Zorg en Welzijn and AMP Capital Investors.

The price is more than double what the firm paid for the asset six years ago.

 
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