Genesis Energy has completed its acquisition of Valero Energy’s indirect 50% equity interest in Cameron Highway Oil Pipeline Company for $330m.
The acquisition, a joint venture that owns and operates the largest crude oil pipeline system in the Gulf of Mexico, includes $50m of crude oil linefill and $9m of pumping equipment.
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The Cameron Highway pipeline system is a 380 mile, 24in and 30in-diameter pipeline with the capacity to deliver up to 500,000 barrels per day of crude oil.
The pipeline will deliver oil from developments in the Gulf of Mexico to major refining markets along the Texas Gulf Coast.
Enterprise Products Partners indirectly owns the remaining 50% interest in the joint venture and is also its operator.
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By GlobalData
