Dec 13, 2004 |
PAA Acquires Propane Terminal |
Contacts:
Phillip D. Kramer
Executive Vice President and CFO
713/646-4560 – 800/564-3036
A. Patrick Diamond
Manager, Special Projects
713/646-4487 – 800/564-3036
Plains All American Pipeline Acquires Propane Terminal
(Houston – December 13, 2004) Plains All American Pipeline, L.P. (NYSE: PAA) announced today that through its subsidiary, Plains LPG Services, L.P., it has acquired the Claremont Rail Terminal from Rymes Heating Oils, Inc. The purchase price for the transaction was undisclosed.
The above ground facility is located in Claremont, New Hampshire, which is approximately one mile east of the Vermont border, and has the capacity to store approximately 720,000 gallons of propane. The Claremont Rail Terminal has two truck loading stations and two rail unloading stations. The terminal has access to both the Canadian Pacific and Canadian National rail lines by way of the New England Central Rail shortline railroad.
“This asset will help support our LPG business in the Northeast region of the United States and enable us to better serve our expanding customer base in the area,” said W. David Duckett, President of Plains LPG Services, L.P. “We continue to execute our LPG strategy of providing logistical solutions to inefficient markets and we are optimistic with regard to additional opportunities to grow our LPG business in the United States and Canada.”
Except for the historical information contained herein, the matters discussed in this news release are forward-looking statements that involve certain risks and uncertainties. These risks and uncertainties include, among other things, successful integration and future performance of assets acquired, refinery downtime, unusual weather patterns, continued creditworthiness of, and performance by, our counterparties, the effects of competition, the success of our risk management activities, commodity price fluctuations, the effect of changes in the value of the Canadian dollar, regulatory changes, and other factors and uncertainties inherent in the marketing, gathering and storage of LPG discussed in the Partnership’s filings with the Securities and Exchange Commission.
Plains All American Pipeline, L.P. is engaged in interstate and intrastate crude oil transportation, terminalling and storage, as well as crude oil and LPG gathering and marketing activities, in the United States and Canada. The Partnership’s common units are traded on the New York Stock Exchange under the symbol “PAA.” The Partnership is headquartered in Houston, Texas.
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