|
|
Article: Magellan Midstream Partners to Purchase Longhorn Pipeline.
- Article from:
- Energy Weekly News
- Article date:
- August 14, 2009
CopyrightCOPYRIGHT 2009 NewsRX. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
|
Magellan Midstream Partners, L.P. (NYSE:MMP) announced that its purchase of substantially all of the assets of Longhorn Partners Pipeline, L.P. has been approved by the bankruptcy court. Closing is set for July 29, with no additional approvals required.
The 700-mile common carrier pipeline system transports refined petroleum products from Houston to El Paso, Texas. A terminal in El Paso, comprised of a 5-bay truck loading rack and over 900,000 barrels of storage, is included in the purchase. This terminal serves local petroleum products demand and distributes product to connecting third-party pipelines for ultimate delivery to markets in Arizona, New Mexico and, ...