Sunoco Logistics Partners (SXL) Doesn't Expect Impact To Business From Announced Sale of Tulsa Refinery
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Sunoco Logistics Partners L.P. (NYSE: SXL) announced that it does not expect any impact to its business from today's announced sale of the Tulsa Refinery by Sunoco, Inc. (R&M) (NYSE: SUN) to an affiliate of Holly Corp (NYSE: HOC). Effective with the closing of the sale of the refinery, Sunoco Partners Marketing & Terminals L.P., an affiliate of the Partnership, will have a long term agreement with Holly Refining & Marketing MidCon, L.L.C. to supply crude oil to the Tulsa Refinery. Volumes are expected to be commensurate with historical volumes supplied to Sunoco, Inc. (R&M).
"Sunoco Partners Marketing & Terminals expects to continue purchasing, gathering and transporting crude oil in Oklahoma and elsewhere to meet our contractual commitments to Holly, and to providing the same quality of service to producers from whom we purchase crude oil," said Scott McCord, Vice President of Lease Acquisition & Marketing. "We are pleased to have the opportunity to continue to supply crude oil to the Tulsa Refinery, and we look forward to working with Holly as they execute on their stated plans to upgrade the refinery," said Mr. McCord.
Sunoco Logistics Partners L.P. is a master limited partnership formed to acquire, own and operate refined product and crude oil pipelines and terminal facilities. [SM]
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