Plains All American Pipeline intends to construct a 440-mile pipeline that would carry up to 200,000 barrels of crude oil per day from its terminal in Cushing, Okla., to Valero Energy's refinery in Memphis, Tenn., the company said Thursday. Plains added that Valero has a right to purchase a 50% stake in the pipeline until January 2016. The $900 million project is expected to be finished in late 2016.

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