Genesis Energy LP, Houston, closed the sale of a 36% minority equity interest in its 374-mile Cameron Highway Oil Pipeline System (CHOPS) to an undisclosed financial party for gross proceeds to Genesis of $418 million.
CHOPS delivers crude from Holstein, Mad Dog, Atlantis, K2, Constitution, and Ticonderoga fields—all in the deepwater Green Canyon area offshore Louisiana—to refineries in Texas City and Port Arthur, Tex. The 30-in. line out of GB 72 splits into two 24-in. OD lines at High Island A5-C platform for shipment to the refineries. It has design capacity of 500,000 b/d.
Genesis now owns 64% of CHOPS and will remain operator of the pipeline.