Feb 08, 2007 |
PAA Acquires Refined Products Supply Business |
Contacts: Phil D. Kramer Executive Vice President & CFO 713/646-4560 – 800/564-3036
Roy I. Lamoreaux Manager, Investor Relations 713-646-4222 – 800/564-3036
FOR IMMEDIATE RELEASE
Plains All American Acquires Refined Products Supply Business
(Houston – February 8, 2007) Plains All American Pipeline, L.P. (NYSE: PAA) announced that effective today its subsidiary, Plains Marketing, L.P., has acquired certain commercial interests from Jasper Oil Company and its joint venture partner OilCentral, LLC, which were jointly engaged in the commercial fuel supply and marketing business focused on Texas markets.
"Through our 2006 acquisitions of Pacific Energy Partners and midstream assets from Chevron, we have assembled a significant portfolio of refined products transportation and terminalling assets," said Greg L. Armstrong, Chairman and Chief Executive Officer of the Partnership. "Consistent with our plan to implement our proven business model to optimize the value of Pacific's assets and better serve the needs of our customers, this acquisition represents an important step in our efforts to build a complementary refined products supply and marketing business. We believe that this acquisition will provide a solid foundation from which to grow this area of our business."
Plains All American Pipeline, L.P. is a publicly traded master limited partnership engaged in the transportation, storage, terminalling and marketing of crude oil, refined products and liquefied petroleum gas and other natural gas related petroleum products. Through its 50% ownership in PAA/Vulcan Gas Storage LLC, the partnership also develops and operates natural gas storage facilities. The Partnership is headquartered in Houston, Texas, and its common units are traded on the New York Stock Exchange under the symbol "PAA."
Forward Looking Statements Certain statements made herein are forward-looking statements, including statements regarding the expected benefits of the Jasper acquisition. These statements are based on management's current expectations and estimates; actual results may differ materially due to certain risks and uncertainties. These risks and uncertainties include, among other things, risks associated with the refined products markets, the success of our risk management activities and other factors and uncertainties inherent in the transportation, storage and terminalling of refined products.
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