Caisse de dépôt et placement du Québec says it is buying a 16.55-per-cent interest in a U.S. oil pipeline for $850-million (U.S).
The Quebec-based pension fund manager said it would acquire the stake in Colonial Pipeline Company and Colonial Ventures LLC from ConocoPhillips.
The Colonial Pipeline is considered the largest refined petroleum products pipeline in the United States.
The transaction is part of a larger sale of oil and gas assets by ConocoPhillips designed to focus the company on its most profitable businesses.
It also sold its stake in the Seaway crude pipeline to Enbridge Inc. for $1.15-billion.
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