By OGJ editors
HOUSTON, July 18 -- Pacific Energy Partners LP, Long Beach, Calif., agreed to buy five products terminals and a products pipeline with storage in the Rocky Mountains from Valero LP, San Antonio, for $455 million.
The transaction, subject to regulatory approvals, is expected to close within 90 days, Pacific said July 5.
Valero must divest the assets under an order from the US Federal Trade Commission related to its acquisition of Kaneb Services LLC and Kaneb Pipe Line Partners LP, Dallas, in a $2.3 billion cash-stock deal (OGJ Online, Nov. 1, 2004).
Pacific is acquiring two products, blendstocks, and crude oil terminals near San Francisco. The Martinez terminal and the Richmond terminal have 4.1 million bbl of combined storage capacity.
In the East, Pacific is acquiring Valero's North Philadelphia, South Philadelphia, and Paulsboro, NJ, terminals, which have a combined storage capacity of 3.2 million bbl.
In the Rocky Mountains, Pacific is acquiring the 550-mile West Pipeline system extending from Casper, Wyo., east to Rapid City, SD, and south to Colorado Springs, Colo. The system includes truck terminals and combined storage capacity of 1.7 million bbl.