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Shell Midstream closes $350M acquisition of stakes in 2 pipelines

ShellMidstream Partners LP has closed its of a 49% stakein Odyssey PipelineLLC and an additional 20% stake in Mars Oil Pipeline Co. fromRoyal Dutch Shell plc.

Shell Midstream funded the acquisition through $50 millionof cash on hand and $300 million in borrowings under the partnership's five-yearrevolving credit facility, according to an Oct. 4 SEC filing.

The 600,000 barrel per day Mars Oil Pipeline delivers crudefrom the Mars Basin and the Amberjack system into LOOP's Clovelly facility.Meanwhile, Odyssey iscapable of delivering up to 220,000 bbl/d from the eastern Gulf of Mexico tothe Delta Pipeline system, enabling deliveries to refineries in Louisiana andMississippi.

The terms of the acquisition were approved by conflictscommittee of the board of Shell Midstream Partners GP LLC, the general partnerof the partnership, composed almost entirely of independent directors.