PBF Logistics to Acquire Torrance Valley Pipeline Interest
PBF Logistics plans to acquire a 50% interest in Torrance Valley Pipeline Company (TVPC) from an affiliate of PBF Energy for about $175 million. The two companies expect to close the deal.
TVPC owns the 189-mile San Joaquin Valley Pipeline system with a throughput capacity of 110,000 bpd. The system is comprised of the M55, M1 and M70 pipelines, which are the primary crude gathering and transportation lines supplying the PBF Torrance refinery.
The assets also include 11 pipeline stations with about 1 MMbbls of combined storage capacity and truck unloading capability at two of the stations.
Upon closing, a letter of intent said the two companies will enter into 10-year transportation services agreements with subsidiaries of PBF Energy committing to at least 50,000 bpd for the M1 and M55 pipelines.
Related News
Related News
- Trump Aims to Revive 1,200-Mile Keystone XL Pipeline Despite Major Challenges
- Valero Considers All Options, Including Sale, for California Refineries Amid Regulatory Pressure
- ONEOK Agrees to Sell Interstate Gas Pipelines to DT Midstream for $1.2 Billion
- Energy Transfer Reaches FID on $2.7 Billion, 2.2 Bcf/d Permian Pipeline
- Another Major U.S. Oil Refinery Shutting Down as Lyondell Confirms Houston Closure
- U.S. LNG Export Growth Faces Uncertainty as Trump’s Tariff Proposal Looms, Analysts Say
- Tullow Oil on Track to Deliver $600 Million Free Cash Flow Over Next 2 Years
- Energy Transfer Reaches FID on $2.7 Billion, 2.2 Bcf/d Permian Pipeline
- GOP Lawmakers Slam New York for Blocking $500 Million Pipeline Project
- Texas Oil Company Challenges $250 Million Insurance Collateral Demand for Pipeline, Offshore Operations
Comments