Enbridge Inc. shed the last of its international investments yesterday with the sale of its minority ownership in a Colombian pipeline to Ecopetrol SA for $400-million (U.S.). The Colombian national oil company has agreed to buy Enbridge's 24.7-per-cent stake in the OCENSA pipeline, which stretches from the interior of the South American country to the Caribbean coast. The agreement has been approved by the boards of directors of both companies and the sale is expected to close today. Enbridge said it expects the after-tax proceeds from the sale will be worth the equivalent of about $535-million (Canadian). ENB (TSX) rose 55 cents to $37.90.
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