Exxon Pipeline and Amoco Pipeline join Longhorn partnership

Jul 29, 1997 02:00 AM

July 14, 1997 Longhorn Partners Pipeline, L.P. announces that a Letter of Intent has been executed for Exxon Pipeline Company and Amoco Pipeline Company to join the partnership in exchange for contributions of assets and equity. Exxon Pipeline and Amoco Pipeline will be joining Longhorn's existing limited partners, Williams Energy Group, Tulsa, Oklahoma; The Beacon Group Energy Investment Fund, L.P., New York; and Axis Gas Corporation, Dallas, Texas.
The Letter of Intent specifies the finalisation of definitive agreements including the acquisition by Longhorn of an existing 18" crude oil pipeline running 450 miles between Crane, Texas, and Houston. The line will be modified to become a products pipeline and will be extended to El Paso providing direct access to new markets for Gulf Coast refineries. Construction of the 250 mile pipeline extension is anticipated to begin by year-end with an initial capacity of 80,000 bpd and a potential maximum capacity reaching 225,000 bpd.
Longhorn intends to aggressively pursue regional market opportunities along the route. The agreement is seen as an important first step in providing access for Gulf Coast shippers to growth areas in the south-western U.S. Opportunities beyond Texas could include additional pipeline construction and connections to other pipelines accessing growing markets in Phoenix and Tucson, in Arizona, Albuquerque, New Mexico, and Northern Mexico.

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