Plains All American Pipeline, L.P. (NYSE: PAA) today announced that it signed a definitive agreement to sell non-core refined product pipelines and related assets in the Rocky Mountain and New Mexico areas to Magellan Midstream Partners, L.P. (NYSE: MMP) for approximately $190 million. The transaction is expected to close during the second quarter of this year, subject to the satisfaction of customary closing conditions.
The assets to be sold include a pipeline system that delivers refined products throughout Wyoming, South Dakota and Colorado and associated tankage, as well as a pipeline system that delivers refined products from El Paso, Texas to Albuquerque, N.M. and Juarez, Mexico.
Plains All American Pipeline, L.P. is a publicly traded master limited partnership engaged in the transportation, storage, terminalling and marketing of crude oil and refined products, as well as in the processing, transportation, fractionation, storage and marketing of natural gas liquids. Through its general partner interest and majority equity ownership position in PAA Natural Gas Storage, L.P. (NYSE:PNG), PAA owns and operates natural gas storage facilities. PAA is headquartered in Houston, Texas.