Sunoco to acquire interest in West Texas Gulf
Dec 1, 2002 12:00 PM
Sunoco Logistics Partners LP has agreed to purchase a 43.8% interest in the West Texas Gulf Pipe Line Co for $10.6 million. The interest being acquired consists of a 17.3% interest previously held by an affiliate of Sunoco Inc, plus a 26.5% interest to be acquired by Sunoco from an affiliate of Union Oil Co of California, in a separate transaction. Closing is expected before year-end, subject to customary conditions.
West Texas Gulf consists of about 580 miles of 26" and 20" crude oil pipeline and related facilities, running from Colorado City and Nederland TX to Longview TX. West Texas Gulf shipped some 171,000 barrels per day in the first nine months of 2002 and is operated by ChevronTexaco Pipeline Co.
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