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Plains All American to form JV with Delek Logistics to develop $100M pipeline

  • Plains All American Pipeline (NASDAQ:PAA +0.9%) says it is teaming up with Delek Logistics Partners (DKL -1%) in a 50/50 joint venture to invest $100M toward building an 80-mile pipeline connecting a PAA terminal in Longview, Tex., with refineries in Shreveport, La.
  • The Caddo Pipeline will move 80K bbl/day of crude oil to the Louisiana refineries and Delek’s plant in El Dorado, Ark.; PAA will build and operate the pipeline, which is expected to be completed in mid-2016.
  • Delek says the pipeline, along with a just-announced second pipeline venture with Rangeland Energy, will be its first major U.S. development projects; Delek says it will have a 33% stake in the $125M 107-mile pipeline that will carry 55K bbl/day from the Texas-New Mexico border to a hub of other pipelines in Midland, Tex.
  • Delek US Holdings (DK +0.1%), the general partner for DKL, will be the long-term anchor shipper for both projects.

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