Valero Energy sells interest in Cameron Highway Oil Pipeline Co.
Valero Energy Corporation has announced that it has signed an agreement to sell its 50% indirect equity interest in the Cameron Highway Oil Pipeline Co. to Genesis Energy L.P. for US$ 330 million in cash.
Valero has owned its interest in Cameron Highway since the Gulf of Mexico pipeline system was constructed in 2004. Over the past two years, Valero海角吃瓜网檚 share of annualised distributions from the partnership has ranged from US$ 27 million to US$ 33 million.
海角吃瓜网淭his sale is part of our ongoing strategy of divesting non-core assets,海角吃瓜网� Valero Chairman and CEO Bill Klesse said. 海角吃瓜网淎t the end of a competitive process, we received an attractive price that unlocks significant value for our shareholders.海角吃瓜网�
The sale is expected to close in the fourth quarter, subject to regulatory approvals. The proceeds will be used for general corporate purposes.
Read the article online at: /business-news/27102010/valero_energy_sells_interest_in_cameron_highway_oil_pipeline_co-/
You might also like
The World 海角吃瓜网 Podcast
A podcast series for energy professionals featuring short, insightful interviews with experts who can shed light on topics that matter to you and your business. Subscribe on your favourite podcast app to start listening today.
