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Flying J Announces Strategic Pipeline Purchase
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August 17, 2006 - For Immediate Release Ogden, UT - Flying J Inc., a Utah based corporation, announced today the purchase of 100% of the ownership interests in Longhorn Pipeline Holdings LLC, a Houston, Texas, corporation and owner of the Longhorn pipeline system. Longhorn is a refined products common carrier pipeline extending 700 miles from the Gulf Coast near Houston to El Paso, Texas, where it owns a terminal with over 1,000,000 barrels of storage. The 18 & 20 inch diameter pipeline transports refined products to markets in west Texas and the southwestern part of the United States. This strategic pipeline, with an installed capacity of over 70,000 barrels per day, has an ultimate capacity of 225,000 barrels per day. Flying J president and chief executive officer, J Phillip Adams, said, “We are very excited about the long-term potential of Longhorn. I view it as a vital piece of infrastructure enabling Gulf Coast refinery production and water-born barrels available on the Gulf Coast to reach the rapidly growing southwest demand for motor fuels on a long-term basis. I am also very excited about the existing management team lead by Richard Rabinow, former president of ExxonMobil Pipeline Company. Rabinow and his associates have conquered a number of challenges over the last couple of years bringing the pipeline into ratable service and I commend them for their accomplishments.” About Flying J: |
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