February 23, 2012 [News.Gnom.Es] - Magellan Midstream Partners, L.P. (NYSE: MMP) announced today a one-week extension of the binding open season to solicit capacity commitments from shippers to transport crude oil from Crane, Texas to the partnership’s East Houston terminal for further delivery to the Houston and Texas City-area refineries through Magellan’s distribution system.
Binding commitments for the Crane-to-Houston crude oil pipeline are now due on March 1, 2012.
As previously announced, Magellan is in the process of reversing and converting its pipeline from Crane 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 this open season. Subject to receiving the necessary permits and regulatory approvals, the partnership expects the reversed pipeline to be operational by early 2013.
Further, the partnership previously announced it is considering the construction of a new pipeline segment or the use of existing third-party infrastructure to access crude oil from Midland, Texas to Crane for delivery to the Houston area and has been soliciting binding commitments to assess customer interest. The Midland-to-Houston open season also ends on March 1, 2012.
For customer inquiries regarding the open seasons, please contact Mark Daggett at (918) 574-7022 or mark.daggett@magellanlp.com.
