ConocoPhillips, which is spinning off its refinery assets to create a pure-play explorer, has agreed to sell its interests in two U.S. pipeline companies for a total of $2 billion. An agreement with a subsidiary of Caisse de depot et placement du Quebec is for a 16.55% stake in Colonial Pipeline Co. and Colonial Ventures LLC; the transaction is to close in 1Q2012. Definitive agreements also were reached with Enbridge Holdings (Seaway) LLC for a stake in Seaway Crude Pipeline Co., which is to close in December. Once closed, these transactions, along with sales already closed in 4Q2011, would total close to $10.5 billion by the end of 2012.

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