Magellan To Buy BP Oil Storage, Pipelines For $289M

Law360, New York (July 13, 2010, 2:47 PM EDT) -- Magellan Midstream Partners LP announced Tuesday that it would pay $289 million to acquire oil storage and pipeline assets from BP Pipelines North America Inc. in a move that will expand its footprint in the Houston and Oklahoma areas.

As part of the agreement, Magellan will acquire 7.8 million barrels of crude oil storage in Cushing, Okla., as well as nearly 40 miles of crude oil pipelines running between Houston and Texas City, Texas, and two 35-mile common carrier pipelines that transport refined oil products from...
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