Tuesday, July 13, 2010

BP (NYSE:BP) Unit Sells Fuel Pipelines to Magellan Midstream Partners (NYSE:MMP)

BP (NYSE:BP) announced it has sold systems which link Texas refineries to one another to Magellan Midstream Partners LP (NYSE:MMP), for $289 million.

Included in the deal was oil storage in Oklahoma which holds 7.8 million barrels.

The pipelines sold by BP deliver crude from and to refineries located in the Houston, Texas area. The storage unit acquired is at Cushing, Oklahoma.

“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,” Magellan Midstream Chief Executive Officer Don Wellendorf said in a statement today.

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