PBF Logistics to Acquire Torrance Valley Pipeline Interest
PBF Logistics plans to acquire a 50% interest in Torrance Valley Pipeline Company (TVPC) from an affiliate of PBF Energy for about $175 million. The two companies expect to close the deal.
TVPC owns the 189-mile San Joaquin Valley Pipeline system with a throughput capacity of 110,000 bpd. The system is comprised of the M55, M1 and M70 pipelines, which are the primary crude gathering and transportation lines supplying the PBF Torrance refinery.
The assets also include 11 pipeline stations with about 1 MMbbls of combined storage capacity and truck unloading capability at two of the stations.
Upon closing, a letter of intent said the two companies will enter into 10-year transportation services agreements with subsidiaries of PBF Energy committing to at least 50,000 bpd for the M1 and M55 pipelines.
Related News
Related News
- Keystone Oil Pipeline Resumes Operations After Temporary Shutdown
- U.S. House Passes Bill to Reverse Biden's LNG Pause
- Biden Administration Buys Oil for Emergency Reserve Above Target Price
- Enbridge to Invest $500 Million in Pipeline Assets, Including Expansion of 850-Mile Gray Oak Pipeline
- Williams Delays Louisiana Pipeline Project Amid Dispute with Competitor Energy Transfer
- Evacuation Technologies to Reduce Methane Releases During Pigging
- U.S. Regulators Approve Mexico Pacific LNG's Saguaro Connector Pipeline
- Editor’s Notebook: Nord Stream’s $20 Billion Question
- Enbridge Receives Approval to Begin Service on Louisiana Venice Gas Pipeline Project
- Russian LNG Unfazed By U.S. Sanctions
Comments