Magellan Midstream spends $289M to acquire BP pipeline assets

07/14/2010 | Wall Street Journal, The

Magellan Midstream Partners struck a deal to purchase some of BP's storage and pipeline properties for $289 million. Under the terms, Magellan will get 7.8 million barrels of storage availability at the U.S. oil terminal at Cushing, Okla. Magellan expects the transaction to be finalized within 60 days.

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