22 February 2013 17:57 [Source: ICIS news]
HOUSTON (ICIS)--US-based Magellan Midstream announced on Friday it is set to acquire 800 miles (1,287km) of refined petroleum products pipeline from Plains All American Pipeline.
The agreement, valued at $190m (€144m), includes about 550 miles of pipeline in ?xml:namespace>
Magellan expects the deal to close in the second quarter of 2013, subject to regulatory approvals.
"This acquisition utilises Magellan's expertise in transporting and storing petroleum products," said CEO Michael Mears. "These pipelines are a natural extension of our existing refined products distribution system and provide new markets for Magellan to serve."
Magellan owns the longest refined petroleum products pipeline system in the
($1 = €0.76)
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