Oklahoma business briefs for Feb. 5

Oklahoma business briefs for Feb. 5
Published: February 5, 2013
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OKLAHOMA BRIEFS

Blueknight buys pipeline stake

Blueknight Energy Partners LP is acquiring a stake in a 70-mile crude oil pipeline in Texas, the partnership announced Monday. Blueknight will operate the Pecos River Pipeline as part of its agreement with Advantage Pipeline LLC. Terms of the deal were not disclosed, but Blueknight will acquire about a 30 percent stake in the pipeline that will help producers in west Texas deliver crude oil to Gulf Coast refineries. “We are pleased to work with Advantage Pipeline to open new markets for crude oil producers in this part of the growing Permian Basin,” CEO Mark Hurley said. “This project provides our company a well-positioned platform to expand and extend our presence throughout this active region where demand is strong for safe and reliable ways to efficiently move crude to market.”

Magellan to build pipeline

Magellan Midstream Partners LP plans to build a new pipeline and terminal infrastructure to bring crude oil into its distribution system for delivery to refineries in the Houston area. “We are pleased to add crude oil as a service offering at our Galena Park terminal, continuing to expand Magellan's growing crude oil footprint,” CEO Michael Mears said. “Our Galena Park facility is ideally situated to handle crude oil for delivery to the Gulf Coast refinery hub via Magellan's own pipeline network.” The $50 million project is expected to be fully operational by mid-2014.

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