Magellan and Occidental Jointly Seek Commitments for Proposed BridgeTex Pipeline from the Permian Basin to Houston

abarrelfullabarrelfull wrote on 13 Jun 2012 23:53
Tags: magellan n-america occidental pipeline usa

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Magellan Midstream Partners, L.P. (NYSE: MMP) and Occidental Petroleum Corporation (NYSE: OXY) announced today the launch of an open season to jointly assess customer interest to transport crude oil from Colorado City, Texas to the Houston Gulf Coast area. Interested customers must submit binding commitments by July 11, 2012.

The proposed BridgeTex Pipeline will be capable of transporting approximately 278,000 barrels per day of crude oil from Colorado City to Texas City. The project includes approximately 400 miles of newly-constructed pipeline and an expansion by Magellan of its distribution system between East Houston and Texas City. Subject to sufficient commitments from shippers and necessary permits and regulatory approvals, the BridgeTex Pipeline is expected to begin service by mid-2014.

Magellan and Occidental will form a new project company to execute the project and will share commercial responsibilities. A joint project team will oversee construction of the new pipeline, with Magellan serving as operator.

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