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February 5, 2014
08:35 EDTNS, OXYNuStar signs long-term agreement with Occidental Petroleum
NuStar Energy L.P. (NS) has signed a long-term agreement allowing Occidental Petroleum (OXY) to ship natural gas liquids on NuStarís currently idled, 200-mile, 12-inch pipeline between Mont Belvieu and Corpus Christi, Texas. NuStar has begun work to reactivate the line, reverse its flow and convert it from refined products service to NGL service. The pipeline has capacity to move approximately 110,000 barrels per day. Oxy will use a majority of the lineís capacity to transport NGLs via an interconnect with an Oxy pipeline to the Oxy Ingleside Energy Center export facility located in Ingleside, Texas, at the site of the former Naval base purchased by Oxy in 2012. NuStar will continue to market any remaining capacity on the pipeline. The pipeline project is scheduled to be completed and in full operation in the second quarter of 2015, although the pipeline may flow at reduced rates this year. Once the line is in service, it is expected to generate approximately $23M per year of incremental EBITDA for NuStar.
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