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
TULSA — 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.
Orchid Paper earns honor
PRYOR — Oklahoma Labor Commissioner Mark Costello has awarded Pryor-based Orchid Paper Products Co. the commissioner's Entrepreneurial Excellence in Oklahoma Award for its “entrepreneurial spirit in creating profitable employment for its fellow Oklahomans and for fostering a positive business atmosphere.” In addition, the company received a citation from the Oklahoma Legislature for its management commitment to its employees. “It has taken a real team effort here at Orchids to grow as we have over the past number of years, and to achieve the levels of success that we have, in an extremely competitive environment,” said Orchids president and CEO Robert Snyder. “As we have updated and upgraded our company to stay competitive with the latest technology, we have been able to educate our employees with training programs helped by the state.”
From Staff Reports