Oct 10, 2001 |
PAA Announces Acquisition of Crude Oil Tank Facility |
(Houston – October 10, 2001) Plains All American Pipeline, L.P. (NYSE: PAA) announced today that it has acquired the Atlas Tank Facility from Calumet Lubricants Company for approximately $1.0 million. A Partnership spokesperson stated that Plains All American expects to make minor facilities modifications to the Atlas Tank Facility and that these assets will augment the Partnership’s gathering, marketing and pipeline transportation activities in East Texas. The Atlas Tank Facility is located near Longview, Texas, and has a capacity of 300,000 barrels of crude oil. Except for the historical information contained herein, the matters discussed in this news release are forward-looking statements that involve certain risks and uncertainties. These risks and uncertainties include, among other things, successful integration and future performance of assets acquired, availability of third party production volumes for transportation and marketing, demand for various grades of crude oil and resulting changes in pricing conditions, successful third party drilling efforts, regulatory changes, and other factors and uncertainties inherent in the marketing, transportation, terminalling, gathering and storage of crude oil discussed in the Partnership’s filings with the Securities and Exchange Commission. Plains All American Pipeline, L.P. is engaged in interstate and intrastate crude oil transportation, terminalling and storage, as well as crude oil gathering and marketing activities, primarily in Texas, California, Oklahoma, Louisiana, the Gulf of Mexico and the Canadian Provinces of Alberta and Saskatchewan. The Partnership’s common units are traded on the New York Stock Exchange under the symbol “PAA.” The Partnership is headquartered in Houston, Texas. # # # |
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