US Magellan Midstream to expand offerings at Texas terminal
04 February 2013 20:37 [Source: ICIS news]
HOUSTON (ICIS)--US pipeline operator Magellan Midstream Partners plans to build new pipeline infrastructure at its Galena Park, Texas, terminal to originate crude oil to the company’s Gulf coast distribution system for delivery to refineries in the Houston and Texas City area, the company announced on Monday.
"We are pleased to add crude oil as a service offering at our ?xml:namespace>Galena Park terminal, continuing to expand Magellan's growing crude oil footprint," CEO Michael Mears said. "Our Galena Park facility is ideally situated to handle crude oil for delivery to the Gulf coast refinery hub via Magellan's own pipeline network."
The project, estimated to cost approximately $50m (€37m), is supported by long-term committed volumes and is expected to be fully operational by mid-2014, the company said.
Headquartered in Tulsa, Oklahoma, Magellan Midstream Partners primarily transports, stores and distributes petroleum products. According to the company, it owns the longest refined petroleum products pipeline system in the country, with access to more than 40% of the nation's refining capacity and can store 80m bbl of petroleum products such as gasoline, diesel fuel and crude oil.
($1 = €0.73)By: Jeremy Pafford+1 713 525 2653
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