Newspaper article THE JOURNAL RECORD

Phillips Unit to Buy Stake in Texas Pipeline, Terminal

Newspaper article THE JOURNAL RECORD

Phillips Unit to Buy Stake in Texas Pipeline, Terminal

Article excerpt

BARTLESVILLE (JR) -- Ultramar Diamond Shamrock plans to sell a stake in a 408-mile Texas pipeline to a subsidiary of Phillips Petroleum.

San Antonio-based Ultramar plans to expand the capacity of the pipeline, which ships fuels such as gasoline from a refinery near Amarillo in the Texas Panhandle to El Paso. Capacity will be expanded from 40,000 barrels per day to 60,000 barrels per day in 1998.

The letter of intent calls for Phillips to purchase an initial 25 percent stake in the pipeline. The transaction also includes the sale to Phillips of a 25 percent stake in a fuel terminal in El Paso. Once the expansion is completed, Phillips will increase its interest in the terminal to 33.3 percent and its subsidiary will increase its interest in the pipeline system to 33.3 percent. The expansion will allow Phillips to cancel its plans to build a pipeline from El Paso to Borger in the Texas Panhandle, Roger Hemminghaus, chairman and chief executive of Ultramar, said in a statement. …

Search by... Author
Show... All Results Primary Sources Peer-reviewed

Oops!

An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.