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Occidental Petroleum Corp. To Sell 50% Of Bridgetex Pipeline Co. | Oilonline











Magellan Midstream Partners (MMP) operates and owns the remaining 50% interest in BridgeTex. In addition, BridgeTex has agreed to sell kim kardashian s the southern leg of the pipeline system which runs from Houston to Texas City, known as the Texas City Leg, to MMP for $75 million. MMP has agreed to enter into a long-term capacity lease with BridgeTex, allowing kim http://castrolcyu.hazblog.com kardashian and rayj BridgeTex shippers access to capacity on the Texas City Leg. PAA's acquisition of Occidental's interest in BridgeTex is subject to completion by Plains GP Holdings (PAGP) of an underwritten secondary offering after which Occidental would sell a portion of its equity interest in PAGP. In order to facilitate such offering and the overall transaction, (i) the board of directors of PAGP's general partner has agreed to an kim kardashian movies early release of the 15-month lock-up arrangement that was originally imposed on certain PAGP equity owners, including Occidental, in connection with PAGP's initial public offering in October 2013, and (ii) certain affiliates of Kayne Anderson Investment Management, Inc., The Energy & Minerals Group and PAA Management, L.P. have agreed to waive their participation rights in such offering, and (iii) Occidental, certain affiliates of Kayne Anderson Investment Management, Inc., The Energy & Minerals Group and PAA Management, L.P.
Source: http://www.oilonline.com/news/business-activity/occidental-petroleum-corp-sell-50-bridgetex-pipeline-co



08:44:21 am . 14 Nov 2014
Admin · 65 views · Leave a comment

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