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Friday, February 22, 2013

Magellan to purchase 800 miles of oil products pipelines for $190 mln, (NYSE: MMP), (NYSE: PAA)

Magellan Midstream Partners LP said on Friday it would purchase 800 miles of refined petroleum products pipelines from Plains All American Pipeline LP for $190 million, expanding a network that is already the longest in the United States. The acquisition includes two pipeline systems:-- 550 miles of common carrier pipeline that distributes products in Colorado, South Dakota and Wyoming and includes four terminals capable of storing just under 1.7 million barrels.-- 250 miles of common carrier pipeline carrying products from El Paso, Texas, to Albuquerque, New Mexico, as well as to the Mexican border for distribution in Mexico by a third party."These pipelines are a natural extension of our existing refined products distribution system and provide new markets for Magellan to serve," said Michael Mears, Magellan chief executive.

Magellan Midstream Partners, L.P. is engaged in the transportation, storage and distribution of refined petroleum products. Shares of MMP traded higher by 0.57% or $0.28/share to $49.68. In the past year, the shares have traded as low as $33.31 and as high as $51.74. On average, 623477 shares of MMP exchange hands on a given day and today's volume is recorded at 186491.

Plains All American Pipeline, L.P. (Plains) is engaged in the transportation, storage, terminalling and marketing of crude oil and refined products, as well as in the processing, transportation, fractionation, storage and marketing of natural gas liquids (NGL). Shares of PAA traded higher by 0.43% or $0.23/share to $54.05. In the past year, the shares have traded as low as $37.59 and as high as $55.16. On average, 1052780 shares of PAA exchange hands on a given day and today's volume is recorded at 358092.



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