DALLAS, July 6 /PRNewswire-FirstCall/ -- Holly
Corporation (NYSE: HOC) and Sinclair Transportation announced today
the commencement of the final construction phase on its UNEV
pipeline, a 406-mile pipeline transporting refined products from
Salt Lake City, Utah to terminals
in Cedar City, Utah and in
Las Vegas, Nevada.
The necessary approvals and signatures have been received from
the Bureau of Land Management ("BLM") and construction will begin
immediately on five of the seven construction spreads. The
Notices to Proceed for the last two construction spreads should be
issued as soon as pre-construction meetings with the BLM are
completed over the next few weeks.
UNEV expects mechanical completion of this pipeline to occur in
early 2011, with service to begin later in 2011. Construction
of the Cedar City, Utah and
Las Vegas, Nevada terminals are
nearing completion.
"We are pleased to enter our last phase of construction on this
pipeline project," said Matt
Clifton, Chairman and CEO of Holly. Clifton added,
"This is a valuable and important infrastructure project which will
provide for the long-term cost effective supply of transportation
fuels to southwest Utah and
Las Vegas."
Holly Corporation, headquartered in Dallas, Texas, is an independent petroleum
refiner and marketer that produces high value light products such
as gasoline, diesel fuel, jet fuel and other high value specialty
products. Holly operates through its subsidiaries a 100,000 barrels
per stream day ("bpsd") refinery located in Artesia, New Mexico, a 125,000 bpsd refinery
in Tulsa, Oklahoma and a 31,000
bpsd refinery in Woods Cross,
Utah. A subsidiary of Holly also owns a 34% 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, including, but not limited to, statements
identified by the words, "expect," "anticipate," "believe," "plan,"
"intend," "will," and "forecast," and similar expressions and
statements regarding our business strategy, plans and objectives
for future operations. 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
events or performance and involve certain risks and uncertainties.
Important factors that could cause our actual results to differ
materially from the expectations reflected in our forward-looking
statements include our ability to complete and integrate the UNEV
pipeline and those additional risks 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.
SOURCE Holly Corporation