UNEV Pipeline LLC Announces Terminal Acquisition

abarrelfullabarrelfull wrote on 12 Aug 2014 08:43

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UNEV Pipeline, LLC (“UNEV”) today announced that it has completed a transaction to purchase the terminal and rail facilities of Musket Corporation (“Musket”) located near Cedar City, Utah. This terminal is operational and will begin to be operated immediately by Holly Energy Partners - Operating, L.P., an affiliate of Holly Energy Partners, L.P. (NYSE-HEP) (“Holly Energy”). The purchase price for this transaction is $9.8 million.
The Musket terminal is located adjacent to the terminal facility that UNEV plans to build near Cedar City to provide refined product service to Southwestern Utah via its UNEV pipeline. UNEV plans on using this terminal facility in combination with its new terminal and pipeline. Contracts for construction on the new terminal have been signed and construction activities are expected to begin in the next 30 days.

Progress on the entire UNEV pipeline project continues on the pace set forth by UNEV earlier this year. Regulatory permits have been received for construction of the two UNEV project terminals to be located in Cedar City, Utah and Las Vegas, Nevada. The pipe for the 406-mile 12 inch UNEV pipeline has been delivered and is being staged along the pipeline right-of-way as indicated in the permitting with the Bureau of Land Management (“BLM”). All investigative and survey work regarding permitting has been completed, and a record of decision is expected from the BLM in early 2009. Once pipeline approval is received, construction would begin immediately, with all construction expected to be complete within one year.

“This acquisition is a valuable addition to our UNEV pipeline project, providing additional terminalling and flexibility at UNEV’s Cedar City terminal complex, while also reducing the construction cost in Cedar City. The UNEV pipeline project continues to remain on budget and on target for completion,” said Matt Clifton, Chairman of Holly and Holly Energy.

About UNEV Pipeline, L.L.C.:

UNEV Pipeline, L.L.C. is a limited liability company whose members are Holly UNEV Pipeline Company, a subsidiary of Holly Corporation (NYSE-HOC) (“Holly”) and Sinclair Transportation Company (“Sinclair”). UNEV will develop, construct, own and operate an approximately 400 mile, 12 inch pipeline along with associated pumping stations and equipment for the shipment of refined petroleum products from a location in or near North Salt Lake City, Utah to a location in or near Las Vegas, Nevada.

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