Sunoco Logistics Partners L.P. To Move Forward With Permian Express Phase I To Increase Crude Oil Outflow From West Texas

abarrelfullabarrelfull wrote on 23 Aug 2012 10:12
Tags: n-america pipeline sunoco-logistics usa

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Sunoco Logistics Partners L.P. (NYSE: SXL) announced today that it has received enough binding commitments to enable Permian Express Phase I, a project to transport West Texas crude oil to Gulf Coast markets, to proceed. Although sufficient commitments have been received for this project to move forward, the binding open season continues and will close on September 6, 2012.

As previously announced, Permian Express Phase I will provide continuous pipeline service from Wichita Falls, Texas to Nederland/Beaumont, Texas markets. At Wichita Falls, a connection from Basin Pipeline will be provided. Due to the use of existing assets, the capacity to transport approximately 90,000 barrels per day to Nederland/Beaumont will be operational in the first quarter of 2013.

“With the use of pipe already in the ground, Permian Express Phase I offers West Texas producers and Gulf Coast refiners a fast and cost-efficient solution with tremendous operational flexibility,” said Michael J. Hennigan, Sunoco Logistics’ president and chief executive officer. “We look forward to having this project on-line in the first quarter of 2013.”

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