Holly Corp. and Holly Energy Partners said Monday they plan to jointly build a new refined products pipeline with Sinclair Transportation Co. from Salt Lake City to Las Vegas for a total estimated cost of $300 million.
Under the agreement, the Dallas-based Holly companies will own 75 percent of the project and Sinclair, based in Sinclair, Wyo., will own a 25 percent stake.
They aim to complete the project, which includes the pipeline and two terminals, by the end of 2008.
The pipeline would allow oil refiners in the Salt Lake City area and shippers into Salt Lake City the ability to transport refined products to Las Vegas and the fast-growing areas of southwest Utah.
Dallas-based Holly Corp. (NYSE: HOC - News) is an independent petroleum refiner and marketer, It owns a 45 percent interest in Dallas-based Holly Energy Partners (NYSE: HEP - News), a pipeline company.
Published July 9, 2007 by the Dallas Business Journal
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