Boardwalk Pipeline Partners has agreed to acquire Chevron Petrochemical Pipeline, which owns the Evangeline ethylene pipeline system, for $295m.
The acquisition is expected to be completed in the fourth quarter of 2014.
Boardwalk’s subsidiary Boardwalk Louisiana Midstream (BLM) will operate the 176-mile interstate Evangeline pipeline.
The pipeline has the capacity to transport approximately 2.6 billion pounds of ethylene per year and is supported by long-term, fee-based contracts.
The pipeline transports ethylene between Port Neches, Texas, and Baton Rouge, Louisiana.
It interconnects with the BLM ethylene distribution system that houses BLM’s storage facilities at the Choctaw Hub.

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By GlobalDataBoardwalk’s subsidiary intends to link the Evangeline pipeline to its storage facilities at the Sulphur Hub in the Lake Charles area.
BLM president Kevin Miller said: "Evangeline is a great strategic fit with BLM, which currently has one of the most extensive ethylene distribution systems in Louisiana.
"The acquisition of Evangeline will further enhance our ability to provide reliable and flexible ethylene transportation and storage services to petrochemical customers in the growing Gulf Coast market."
Boardwalk and its subsidiaries own and operate around 14,450 miles of natural gas and liquids pipelines.
The companies also own underground storage caverns with an aggregate working gas capacity of around 207 billion cubic feet and liquids capacity of around 18 million barrels.
Boardwalk’s pipeline system starts in the Gulf Coast region, Oklahoma and Arkansas, and extends north and east to the midwestern states of Tennessee, Kentucky, Illinois, Indiana and Ohio.