Plains All American Pipeline Enters Joint Venture with Delek Logistics to Build Caddo Pipeline
March 23 2015 - 08:00AM
Business Wire
Plains All American Pipeline, L.P. (NYSE:PAA) today announced
the formation of Caddo Pipeline LLC, a 50/50 joint venture with
Delek Logistics Partners, LP (NYSE:DKL) to develop the Caddo
Pipeline, an 80-mile, 12-inch pipeline between Longview, Texas, and
Shreveport, La. The Caddo Pipeline will originate at the Plains
Atlas Terminal in Longview and will have the capacity to move up to
80,000 barrels of domestic crude oil per day to supply refineries
in the Shreveport area and Delek Logistics’ pipeline system
supplying Delek US Holdings’ (NYSE:DK) El Dorado, Ark. refinery.
Under the agreement, PAA will construct and operate the Caddo
Pipeline. The total project investment is expected to be
approximately $100 million; the pipeline is supported by long-term
shipper commitments and is expected to be completed in
mid-2016.
Plains All American Pipeline, L.P. is a publicly traded master
limited partnership that owns and operates midstream energy
infrastructure and provides logistics services for crude oil,
natural gas liquids ("NGL"), natural gas and refined products. PAA
owns an extensive network of pipeline transportation, terminalling,
storage and gathering assets in key crude oil and NGL producing
basins and transportation corridors and at major market hubs in the
United States and Canada. On average, PAA handles over 4.1 million
barrels per day of crude oil and NGL on its pipelines. PAA is
headquartered in Houston, Texas.
Forward Looking Statements
Certain matters discussed in this release are forward-looking
statements that involve risks and uncertainties that could cause
actual results or outcomes to differ materially from results or
outcomes anticipated in the forward-looking statements. These risks
and uncertainties include, among other things, shortages, cost
increases or delays in receipt of supplies, materials or labor;
inability to obtain, delays in the receipt of, or other issues
associated with necessary licenses, permits, approvals, consents,
rights of way or other governmental or third party requirements;
the impact of current and future laws, rulings, orders,
governmental regulations, accounting standards and statements and
related interpretations; weather interference with business
operations or project construction, including the impact of extreme
weather events or conditions; environmental liabilities, issues or
events that result in construction delays or otherwise impact
targeted in-service dates; interruptions in service on third-party
pipelines or facilities; general economic, market or business
conditions and the amplification of other risks caused by volatile
financial markets, capital constraints and pervasive liquidity
concerns; and other factors and uncertainties inherent in the
transportation, storage, terminalling and marketing of crude oil
and refined products as discussed in PAA's filings with the
Securities and Exchange Commission.
PAA Contacts:Investors:Ryan
Smith, 866-809-1291Director, Investor RelationsMedia:Brad
Leone, 866-809-1290Director, Communications
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