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Occidental Petroleum Corp. To Sell 50% Of Bridgetex Pipeline Co. | Oilonline

for US$1.075 billion. The sale will cover the pipelines approximate 400mi northern leg, which runs from the Permian Basin to East Houston. Magellan Reggie Bush Kim Kardashian Midstream Partners (MMP) operates and owns the remaining 50% interest in BridgeTex. In addition, BridgeTex has agreed to sell the southern leg of the pipeline system which runs from Houston to Texas City, known as the Texas City Leg, to MMP for $75 million. MMP has agreed to enter into a long-term capacity lease with BridgeTex, allowing BridgeTex shippers access to capacity on the Texas City Leg. PAA's acquisition of Occidental's interest in BridgeTex check it out is subject to completion by Plains GP Holdings (PAGP) of an underwritten secondary offering after which Occidental would sell a portion of its equity interest in PAGP.
Source: http://www.oilonline.com/news/business-activity/occidental-petroleum-corp-sell-50-bridgetex-pipeline-co

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