Genesis to buy Valero's share of oil line

By OGJ editors
HOUSTON, Oct. 26
-- Valero Energy Corp. has agreed to sell its 50% indirect interest in the 380-mile Cameron Highway oil pipeline in the Gulf of Mexico to Genesis Energy LP, Houston.

Valero Chairman and Chief Executive Officer Bill Klesse said the sale is part of the refining company’s strategy to divest noncore assets.

Genesis is a midstream master limited partnership with businesses in oil and carbon-dioxide pipelines, refinery services (mainly sulfur removal), supply and logistics, and industrial gases.

The pipeline, built in 2004 and owned by Cameron Highway Oil Pipeline Co., carries production from deepwater fields in the southern Green Canyon area off Louisiana to refineries in Texas City and Port Arthur, Tex. It originates at the Ship Shoal 332 A/B Hub as a 30-in. line and splits into two 24-in. lines. Its capacity is about 500,000 b/d of crude oil.

Enterprise Products Partners LP holds the other 50% interest in the holding company and operates the pipeline.

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