Valero Energy Partners today said its board of directors approved the $240 million purchase of terminal assets that support Valero Energy Corp.’s McKee Refinery in the Texas Panhandle. The assets include 75 tanks with 4.4 million barrels of storage capacity for crude oil, intermediates and refined products.
The acquired assets will complement Valero Energy Partners’ existing McKee Logistics System, which includes the El Paso refined products pipeline and crude oil pipelines and terminals in Texas and Oklahoma.
Valero Energy Partners will also enter a 10-year terminaling agreement with a subsidiary of Valero upon closing the transaction on April 1.
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