2010-11-30-2010-11-23-2010-11-23

Transaction Type
Sellers
Buyers
Announce Date
Post Date
Close Date
Estimated Price
$330.0MM
Description

Closed purchase of 50% WI in Cameron Highway Oil Pipeline JV that owns and operates largest GOM crude oil pipeline system.

Midstream energy master limited partnership Genesis Energy LP, Houston, (NYSE: GEL) has completed the acquisition of Valero Energy Corp.'s (NYSE: VLO) indirect 50% equity interest in Cameron Highway Oil Pipeline Co., a joint venture that owns and operates the largest crude oil pipeline system in the Gulf of Mexico, for $330 million.

The Cameron Highway pipeline system is a 380-mile, 24- and 30-inch diameter pipeline constructed in 2004, with capacity to deliver up to 500,000 barrels of crude oil per day from developments in the Gulf of Mexico to major refining markets along the Texas Gulf Coast in Port Arthur and in Texas City. Enterprise Products Partners LP (NYSE: EPD) indirectly owns the remaining 50% interest in the joint venture and is operator.