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Kinder Morgan exits La.-Miss. pipeline JV as Valero takes over

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Kinder Morgan exits La.-Miss. pipeline JV as Valero takes over

subsidiaryValero Terminaling and Distribution Co. acquired all of the remaining ownershipinterest in Parkway Pipeline LLC, its jointventure with KinderMorgan Inc.

Valero'spurchase of Kinder Morgan's 50% membership interest in the 141-mile, 16-inchpipeline is effective June 30, according to a July 12 news release. The priceof the cash transaction was not disclosed.

ParkwayPipeline is capable of transporting 110,000 barrels per day, expandable to over200,000 bbl/d, of refined petroleum products from Valero's St. Charles refineryin Norco, La., to Collins, Miss., to be fed into the Plantation Pipe Line Co.system, which is operated and 51% owned by Kinder Morgan. has a rightof first offer to buy Valero's initial 50% interest in Parkway Pipeline.

In aseparate transaction, Parkway Pipeline also agreed to construct, own andoperate a new lateral segment connecting the pipeline to 's system nearCollins.