January 25, 2012 [PR Newswire] - Magellan Midstream Partners, L.P. (NYSE: MMP) announced today that it has launched two separate binding open seasons to solicit capacity commitments from shippers to transport crude oil from West Texas to the partnership's East Houston terminal for further delivery to the Houston and Texas City-area refineries through Magellan's distribution system.
As previously announced, Magellan is in the process of reversing and converting its pipeline from Crane, Texas to Houston for crude oil service. The initial pipeline capacity will be 135,000 barrels per day (bpd) but can be expanded up to 225,000 bpd if warranted by committed capacity from these open seasons.
Subject to receiving the necessary permits and regulatory approvals, the partnership expects the reversed pipeline to be operational by early 2013. The open season for the Crane-to-Houston crude oil pipeline begins today and ends on Feb. 23, 2012.
