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Article: Magellan finalizes Longhorn asset acquisition.(Projects)
- Article from:
- Pipeline & Gas Journal
- Article date:
- September 1, 2009
CopyrightCOPYRIGHT 2009 Oildom Publishing Company of Texas, Inc. 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)
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Magellan Midstream Partners, L.P. (MMP) announced that its purchase of substantially all of the assets of Longhorn Partners Pipeline, L.P. has been approved by the bankruptcy court. The purchase included a 700-mile common carrier pipeline system that transports refined petroleum products from Houston to El Paso and a terminal in El Paso, comprised of a 5-bay truck loading rack and 900,000 barrels of storage. The terminal serves local petroleum products demand and distributes product to connecting third-party pipelines for delivery to Arizona, New Mexico and, in the future, northern Mexico.
The purchase price for the pipeline system was ...