Sunoco Logistics to acquire interest in West Texas Gulf Pipe Line
Nov 13, 2002 12:00 PM
Sunoco Logistics Partners LP, Philadelphia PA, has agreed to purchase a 43.8 percent interest in the West Texas Gulf Pipe Line Company for $10.6 million. West Texas Gulf consists of approximately 580 miles of 26- and 20-inch crude oil pipeline and related facilities, running from Colorado City and Nederland TX to Longview TX. West Texas Gulf shipped approximately 171,000 barrels per day in the first nine months of 2002. The pipeline is operated by ChevronTexaco Pipeline Company.
The pipeline storage tank terminal at the Texas Gulf Coast Nederland Terminal has a capacity of 11.2 million barrels.
The interest being acquired consists of a 17.3 percent interest previously held by an affiliate of Sunoco Inc, plus a 26.5 percent interest to be acquired by Sunoco from an affiliate of Union Oil Company of California, in a separate transaction. Closing is expected before year-end, subject to customary closing conditions.