Frontera Energy NEWS

Terminating its $225m deal, Canadian oil firm, Frontera has dropped its plan to acquire full ownership of Pacific Midstream. Although Frontera will still own a majority stake of 63.64% in the company, it will have to pay a break fee of $5 m to International Finance Corporation (IFC). Pacific Midstream currently owns stakes of 43% in Oleoducto Bicentenario de Colombia and 35% in Oleoducto de los Llanos Orientales.