Akin Gump Advises Valero Energy Partners in Port Arthur Terminal Acquisition
(Houston) – Valero Energy Partners LP (the partnership) today announced that the board of directors of its general partner has approved the partnership’s acquisitions of the Port Arthur terminal assets and Parkway Pipeline LLC from Valero Energy Corporation (Valero) for total consideration of $508 million. Akin Gump served as legal advisor to the partnership’s conflicts committee.
The Port Arthur terminal assets consist of 47 tanks with 8.5 million barrels of storage capacity for crude oil, intermediates, and refined petroleum products, which support Valero’s Port Arthur refinery. Parkway Pipeline is a 141-mile, 16-inch refined petroleum products pipeline linking Valero’s St. Charles refinery with the Plantation and Colonial pipeline systems in Collins, Mississippi. Parkway Pipeline currently has 110,000 barrels per day of capacity, with the ability to expand to more than 200,000 barrels per day. The transaction is expected to close effective November 1.
The Akin Gump team advising on the matter was led by oil and gas partner David Elder. It also included oil and gas counsel James Robertson, associate Cynthia Angell and law clerk Litian Chen as well as tax partner Alison Chen.
Founded in 1945, Akin Gump Strauss Hauer & Feld LLP is a leading international law firm with more than 900 lawyers in offices throughout the United States, Europe, Asia and the Middle East.
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