Shell Signs Sale Agreement With Magellan for Refined Products Pipeline System; Shell Continues to Re-Align Portfolio
June 24 2004 - 9:44AM
PR Newswire (US)
Shell Signs Sale Agreement With Magellan for Refined Products
Pipeline System; Shell Continues to Re-Align Portfolio HOUSTON,
June 24 /PRNewswire/ -- Shell Oil Products US announced today it
has signed a Purchase and Sale Agreement with Magellan Midstream
Partners, L.P. for the sale of pipeline and storage assets located
in Texas, Oklahoma, Kansas and Colorado. (Logo:
http://www.newscom.com/cgi-bin/prnh/19990716/SHELL ) Major assets
included in the sale consist of the Orion Pipeline, Hearne
Pipeline, Chase Pipeline, and Cimarron Pipeline. These pipeline
assets, along with associated distribution terminal and storage
assets, form an integrated system that carries refined products
from the U.S. Gulf Coast refineries to West Texas and the Great
Plains region. Major markets include Dallas, El Paso, Oklahoma City
and Denver. The transaction is expected to close in the third
quarter of 2004 after completion of due diligence and appropriate
regulatory review. "The completion of a Purchase and Sale Agreement
with Magellan for these pipeline and terminal assets is another
step in the journey towards improving our performance in support of
reaching our financial and operational targets," said Lynn
Elsenhans, CEO of Shell Oil Products US. Shell remains committed to
marketing the Shell brand in West Texas and the Great Plains region
through the company's retail and wholesale networks. Contractual
obligations to our customers will continue to be honored. Shell Oil
Products US, a subsidiary of Shell Oil Company, is a leader in the
refining, transportation and marketing of fuels, lubricants,
coolants, services and solutions to consumer and
business-to-business customers in automotive, commercial and
industrial sectors. Shell Oil Company is an affiliate of the Royal
Dutch/Shell Group of Companies (NYSE:RD/SC). For more information,
please visit http://www.shell.com/ .
http://www.newscom.com/cgi-bin/prnh/19990716/SHELL DATASOURCE:
Shell Oil Products US CONTACT: Shawn Frederick of Shell Oil
Products US, +1-713-241-1571 Web site: http://www.shell.com/
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