BNP Paribas in Mexico News & Press
News & Press
December 18, 2007 -

Citgo Petroleum sells Eagle Pipeline system and related terminal assets to Explorer Pipeline

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CITGO Petroleum Corporation, U.S. refining and distribution subsidiary of Petroleos de Venezuela S.A., has sold the Eagle Pipeline system and related storage terminal and pumping station assets to the Explorer Pipeline Company. The Eagle Pipeline system is a 545-mile long pipeline that transports refined petroleum products from the Houston Gulf Coast area to delivery points in Texas and Oklahoma.

Explorer owns and operates the second largest common carrier pipeline system in the U.S. Explorer’s principal shareholders are five major oil companies: ChevronTexaco, Conoco-Phillips, Marathon, Sunoco, and Shell, and all shareholders were required to approve the transaction.

BNP Paribas Corporate Finance acted as exclusive financial advisor to CITGO.