The new bonds will be backed by the revenues the pipeline operator receives from shipping oil for state-controlled Ecopetrol, which also has a 65 per cent interest in ODL.
ODL’s pipeline was inaugurated earlier last month and currently ships about 72,000 bbl/d of oil from the Rubiales field to Colombia’s oil pipeline network for export.
Canada’s Pacific Rubiales Energy owns the remaining 35 per cent interest in ODL.