Valero LP has approved the purchase from Valero Energy Corp of a 270-mile crude oil pipeline and related storage facility.
The 110,000-barrel-per-day pipeline delivers crude oil from Wichita Falls TX to Valero Energy Corp's McKee refinery in the Texas Panhandle. The crude-oil storage facility in Wichita Falls consists of four crude-oil storage tanks with combined capacity of 660,000 barrels. The sale was to have closed Feb 1, 2002. Valero LP will pay $64 million for the pipeline and storage tanks.
Valero LP also declared a cash distribution of $0.60 per common and subordinated partnership unit for the fourth quarter ended Dec 31, 2001. The distribution was paid Feb 14, 2002, to holders of record at the close of business Feb 1, 2002.