Sunoco spinoff to buy stake in pipeline terminal from Exxon Mobil
dallas.bizjournals.com
Dallas Business Journal - 2:15 PM CDT Monday
"Sunoco Logistics Partners LP said Monday it has signed a definitive agreement to buy a 50-percent interest in a Syracuse, N.Y., refined-products terminal from an Exxon Mobil Corp. subsidiary.
Sunoco Logistics made the deal with Mobil Pipe Line Co., an affiliate of Irving-based oil giant Exxon Mobil (NYSE: XOM).
Brought to you by Cingular Terms of the deal weren't immediately disclosed. Closing is subject to purchase rights held by an existing owner and other conditions, and is expected to occur within the next 60 days.
The pipeline has a 550,000-barrel storage capacity.
Sunoco Logistics is a master limited partnership that Sunoco Inc. formed to buy, own and operate its refined-product and crude-oil pipelines and terminal facilities.
Sunoco (NYSE: SUN), which refines oil, sells gas and makes coke and petrochemicals, spun off Sunoco Logistics in an initial public offering in 2002, but still owns about 48 percent of Sunoco Logistics' units.
Both Sunoco Logistics and Sunoco are based in Philadelphia.
Web sites: www.exxonmobil.com and www.sunocoinc.com" |
