Wednesday, September 1, 2010

BP (NYSE:BP) Completes Sale to Magellan Midstream (NYSE:MMP)

BP (NYSE:BP) has completed another sale, this time the selling off part of its 'Oil Storage and Pipelines' unit to Magellan Midstream (NYSE:MMP).

The Oil Storage and Pipelines assets sold include over 100 miles of active petroleum pipelines, along with oil storage capacity of 7.8 million barrels.

Tank inventory will also be acquired by the partnership for approximately $50 million.

The oil storage and pipelines were sold for $289 million.

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