BP Selling U.S. Crude Oil Pipelines
May 24, 2006
Plains All American Pipeline LP is buying crude oil pipeline interests in the U.S. Gulf Coast region for about $133.5 million.
BP Oil Pipeline Co., the seller, and Plains All American expect to close the deal by July 1, Plains All American said Wednesday.
The assets to be acquired consist of a 100 percent interest in the Bay Marchand-to-Ostrica-to-Alliance Pipeline, a 64.35 percent interest in a part of the Clovelly-to-Meraux Pipeline and various interests in segments of the High Island Pipeline System.
Total pipeline mileage for these three systems is approximately 320 miles.