UNEV Pipeline LLC Announces Terminal Acquisition
18 Juillet 2008 - 12:49AM
PR Newswire (US)
DALLAS, July 17 /PRNewswire-FirstCall/ -- UNEV Pipeline, LLC
("UNEV") today announced that it has completed a transaction to
purchase the terminal and rail facilities of Musket Corporation
("Musket") located near Cedar City, Utah. This terminal is
operational and will begin to be operated immediately by Holly
Energy Partners - Operating, L.P., an affiliate of Holly Energy
Partners, L.P. (NYSE:HEP) ("Holly Energy"). The purchase price for
this transaction is $9.8 million. The Musket terminal is located
adjacent to the terminal facility that UNEV plans to build near
Cedar City to provide refined product service to Southwestern Utah
via its UNEV pipeline. UNEV plans on using this terminal facility
in combination with its new terminal and pipeline. Contracts for
construction on the new terminal have been signed and construction
activities are expected to begin in the next 30 days. Progress on
the entire UNEV pipeline project continues on the pace set forth by
UNEV earlier this year. Regulatory permits have been received for
construction of the two UNEV project terminals to be located in
Cedar City, Utah and Las Vegas, Nevada. The pipe for the 406-mile
12 inch UNEV pipeline has been delivered and is being staged along
the pipeline right-of-way as indicated in the permitting with the
Bureau of Land Management ("BLM"). All investigative and survey
work regarding permitting has been completed, and a record of
decision is expected from the BLM in early 2009. Once pipeline
approval is received, construction would begin immediately, with
all construction expected to be complete within one year. "This
acquisition is a valuable addition to our UNEV pipeline project,
providing additional terminalling and flexibility at UNEV's Cedar
City terminal complex, while also reducing the construction cost in
Cedar City. The UNEV pipeline project continues to remain on budget
and on target for completion," said Matt Clifton, Chairman of Holly
and Holly Energy. About UNEV Pipeline, L.L.C.: UNEV Pipeline,
L.L.C. is a limited liability company whose members are Holly UNEV
Pipeline Company, a subsidiary of Holly Corporation (NYSE:HOC)
("Holly") and Sinclair Transportation Company ("Sinclair"). UNEV
will develop, construct, own and operate an approximately 400 mile,
12 inch pipeline along with associated pumping stations and
equipment for the shipment of refined petroleum products from a
location in or near North Salt Lake City, Utah to a location in or
near Las Vegas, Nevada. About Holly Energy Partners L.P.: Holly
Energy Partners, L.P., headquartered in Dallas, Texas, provides
petroleum product transportation and terminal services to the
petroleum industry, including Holly Corporation, which currently
owns a 46% interest in the Partnership. The Partnership owns and
operates crude and product pipelines and terminals located in
Texas, New Mexico, Oklahoma, Arizona, Washington, Idaho and Utah.
In addition, the Partnership owns a 70% interest in Rio Grande
Pipeline Company, a transporter of LPGs from West Texas to Northern
Mexico. About Holly Corporation Holly Corporation, headquartered in
Dallas, Texas, is an independent petroleum refiner and marketer
that produces high value light products such as gasoline, diesel
fuel and jet fuel. Holly operates through its subsidiaries an
85,000 barrels per day ("bpd") refinery located in Artesia, New
Mexico and a 26,000 bpd refinery in Woods Cross, Utah. Holly also
owns a 46% interest (including the general partner interest) in
Holly Energy Partners, L.P. The following is a "safe harbor"
statement under the Private Securities Litigation Reform Act of
1995: The statements in this press release relating to matters that
are not historical facts are "forward-looking statements" within
the meaning of the federal securities laws. These statements are
based on our beliefs and assumptions using currently available
information and expectations as of the date hereof, are not
guarantees of future performance and involve certain risks and
uncertainties, including those contained in our filings made from
time to time with the Securities and Exchange Commission. Although
we believe that the expectations reflected in these forward-looking
statements are reasonable, we cannot assure you that our
expectations will prove correct. Therefore, actual outcomes and
results could materially differ from what is expressed, implied or
forecast in these statements. The forward-looking statements speak
only as of the date made and, other than as required by law, we
undertake no obligation to publicly update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise. DATASOURCE: Holly Corporation; Holly
Energy Partners L.P. CONTACT: Bruce R. Shaw, Senior Vice President
& CFO, or M. Neale Hickerson, Vice President, Investor
Relations, both of Holly Corporation, +1-214-871-3555 Web site:
http://www.hollycorp.com/
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