Magellan Midstream to Acquire Petroleum Storage and Pipelines
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Started by: abarrelfullabarrelfull
Date: 15 Jul 2010 06:00
Number of posts: 1
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Summary:
Magellan Midstream Partners, L.P. (NYSE: MMP) announced today that it has agreed to acquire 7.8 million barrels of crude oil storage and more than 100 miles of active petroleum pipelines from BP Pipelines (North America), Inc. for $289 million. “This acquisition leverages Magellan’s expertise in transporting and storing petroleum products by greatly expanding our crude oil logistics infrastructure and our energy footprint in the attractive Cushing, Oklahoma and Houston, Texas markets,” said Don Wellendorf, chief executive officer. “These assets will facilitate our strategy to develop our existing East Houston terminal into a key distribution point for crude oil to Gulf Coast refineries by improving Magellan’s connectivity within the Houston market and extending our reach to the Texas City refining region.” Crude oil storage. Magellan will acquire 7.8 million barrels of crude oil storage in Cushing, Oklahoma, supported by a multi-year utilization agreement from the seller. Combine
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