We present the multi-physical analysis of the induction-corrosion process undergone by a buried pipe subject to electromagnetic induction from a nearby High Voltage Transmission Line (HVTL). The scenario analyzed models a typical situation found in Colombia by using realistic characteristics of the pipe, the HVTL, and environmental parameters such as soil resistivity. The results presented provide a quantitative view of the corrosion process and constitute a useful tool for the analysis and design of the increasingly common situation of pipelines running near HVTLs.