This Thursday, Magellan Midstream Partners L.P. announced it is launching an open season to assess firm customer interest in the potential expansion of its New Mexico refined petroleum products pipeline. Therefore, the interested customers must submit their commitments by 5 pm CST on March, 19th 2021.
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Magellan Midstream: new open season
Tulsa-based Magellan Midstream Partners L.P. announced today it is launching an open season to assess firm customer interest in the potential expansion of its New Mexico refined petroleum products pipeline. Accordingly, the interested parties must submit their applications by 5 pm CST on March, 19th 2021.
In fact, the 250-mile pipeline segment currently transports a variety of gasoline and diesel fuel from Magellan’s terminal in El Paso, Texas. After that, these products go to terminals in Albuquerque, New Mexico. Indeed, these terminals are of Marathon’s and Vecenergy’s ownership
Consequently, the pipe segment’s expansion would provide the New Mexico Market with additional access to refined products from the el Paso-Area. This action would also enable customers to have access to Gulf Coast refineries via Magellan’s extensive pipeline system.
Simultaneously, the expansion would increase the pipeline’s capacity by more than 5,000 barrels per day (bpd) to a new total capacity of over 30,000 bpd. Moreover, the higher capacity could be available in late 2022; thus, following the addition of incremental pumping capabilities.
Magellan’s 20th anniversary
Magellan Midstream Partners, L.P. recently celebrated twenty years on the New York Stock Exchange. For this reason, a representative from the NYSE rang the closing bell on the company’s behalf this Tuesday.
“The past 20 years have been marked with many accomplishments, and I am proud of the company we have become,” Michael Mears, Magellan’s chief executive officer, said in a statement.
Therefore, “the same values and fundamentals we were founded on — discipline, safety, and long-term value creation —; remain critical attributes of Magellan today. Furthermore, they will continue to drive success in the future.”
The company is a publicly-traded partnership that transports, stores, and distributes refined petroleum products and crude oil. Besides, the firm owns and operates the most comprehensive refined products pipeline system in the United States. Indeed this system has connectivity to nearly 50% of the U.S.’ refining capacity.