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Holly and Longhorn settle lawsuits over pipeline
Holly and Longhorn settle lawsuits over pipeline
Reuters
Friday November 15, 6:10 PM EST
DALLAS, Nov 15 (Reuters) - Holly Corp. (HOC), an oil transporter, refiner and marketer, and Longhorn Partners LP said on Friday Holly has agreed to pay Longhorn $25 million in a joint settlement resolving a dispute over a Texas pipeline.
Longhorn is developing a 700-mile pipeline to transport gasoline, diesel and aviation fuel from the Texas Gulf Coast to Odessa, Texas, and El Paso, Texas. The settlement will resolve lawsuits filed by Longhorn against Holly and units in 1998 in Texas and by Holly against Longhorn in August in New Mexico.
The companies said in a joint statement that under the agreement, Holly will prepay $25 million for the transport of 7,000 barrels per day of refined products from the Gulf Coast to El Paso, Texas, for a period of up to six years from the date the Longhorn pipeline starts up.
In return, Longhorn has agreed to issue a promissory note to Holly payable with interest if the pipeline does not start up by July 1, 2004, or if the full service cannot be provided.
Reuters
Friday November 15, 6:10 PM EST
DALLAS, Nov 15 (Reuters) - Holly Corp. (HOC), an oil transporter, refiner and marketer, and Longhorn Partners LP said on Friday Holly has agreed to pay Longhorn $25 million in a joint settlement resolving a dispute over a Texas pipeline.
Longhorn is developing a 700-mile pipeline to transport gasoline, diesel and aviation fuel from the Texas Gulf Coast to Odessa, Texas, and El Paso, Texas. The settlement will resolve lawsuits filed by Longhorn against Holly and units in 1998 in Texas and by Holly against Longhorn in August in New Mexico.
The companies said in a joint statement that under the agreement, Holly will prepay $25 million for the transport of 7,000 barrels per day of refined products from the Gulf Coast to El Paso, Texas, for a period of up to six years from the date the Longhorn pipeline starts up.
In return, Longhorn has agreed to issue a promissory note to Holly payable with interest if the pipeline does not start up by July 1, 2004, or if the full service cannot be provided.
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