US Magellan completes acquisition of pipeline in Texas, New Mexico

01 July 2013 21:07  [Source: ICIS news]

HOUSTON (ICIS)--Magellan Midstream has closed on its $57m (€44m) acquisition of Plains All American Pipeline’s assets in Texas and New Mexico, the US company announced on Monday.

Announced in February, the acquisition includes about 250 miles (400 km) of pipeline that transports refined petroleum products from El Paso, Texas, to Albuquerque, New Mexico. The pipeline also transports products to the US-Mexico border, where a third-party handles deliveries in Mexico.

“This pipeline system serves as a natural extension of our existing refined products pipeline system, with current connections in the El Paso market,” said Michael Mears, CEO at Magellan. “With this newly acquired pipeline system, Magellan is able to provide options for customers in Albuquerque and central New Mexico to access refined products from West Texas, Gulf Coast and Mid-Continent refiners.”

The remaining part of the combined $190m deal - Magellan’s acquisition of Plains All American Pipeline’s Rocky Mountain system - is pending and subject to approval by the US Federal Trade Commission (FTC).

That acquisition would include about 550 miles of pipeline that distributes refined petroleum products in Colorado, South Dakota and Wyoming.

($1 = €0.77)

Follow Tracy on Twitter


By: Tracy Dang
+1 713 525 2653



AddThis Social Bookmark Button

For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.

Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.

Printer Friendly

ICIS news FREE TRIAL
Get access to breaking chemical news as it happens.
ICIS Global Petrochemical Index (IPEX)
ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index