Purchase of California Oil Hub Dropped After State Sues
9/21/2017
SAN FRANCISCO (AP) — The Valero Energy petroleum company says it is giving up plans to acquire the last independently owned petroleum terminal in the San Francisco Bay Area.
Valero said in a statement Monday that it is dropping its purchase of the Martinez petroleum terminal hub rather than wage a long court battle over it.
California Attorney General Xavier Becerra (HAH-vee-air beh-SEHR’-ah) had sued to block the transaction.
Becerra says Valero’s purchase of the Plains All American Pipeline facility would have put all three Northern California petroleum-shipping hubs in the hands of refineries.
He says that would have stifled competition and might have raised gas prices.
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Pipeline Project Spotlight
Owner:
East African Crude Oil Pipeline Company
Project:
East African Crude Oil Pipeline (EACOP)
Type:
TotalEnergies in discussions with a Chinese company after Russian supplier Chelpipe was hit by sanctions.
Length:
902 miles (1,443 km)
Capacity:
200,000 b/d
Start:
2022
Completion:
2025
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