Plains All American Announces Plans to Construct Pipeline from Cushing to Memphis

abarrelfullabarrelfull wrote on 22 Aug 2014 13:51
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Plains All American Pipeline, L.P. (NYSE: PAA) today announced it will construct the Diamond Pipeline, a 440-mile, 20-inch crude oil pipeline that will provide capacity of up to 200,000 barrels per day of domestic sweet crude from the Plains Cushing, Okla. terminal to the Valero Memphis Refinery, and the ability to access Valero Energy Partner's Collierville pipeline. The total project investment is expected to be approximately $900 million and is expected to be completed in late 2016.

The Diamond Pipeline project is underpinned by a long-term shipping agreement with Valero and a related contract for storage and terminalling services at the Plains Cushing Terminal. Valero holds an option until January 2016 to become a partner in the Diamond Pipeline and purchase a 50 percent interest. Construction of the pipeline will enhance the refinery's long-term ability to produce gasoline, diesel and jet fuel for the greater Memphis and eastern Arkansas area.


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