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Pacific Rubiales looks for Colombia acquisitions

Wednesday, August 14, 2013

Pacific Rubiales, the the world’s fastest-growing major crude producer, said it’s looking to buy a low-density crude producer in Colombia in a bid to reduce the cost of transporting its mostly heavy oil.

The company buys gasoline on the international market and blends it with heavier oil before sending the mix to port at a “huge cost,” Chief Executive Officer Ronald Pantin said.

“There are light oil companies in Colombia that it would be a no brainer to get their production,” Pantin said.

Source: Bloomberg