JV with Valero’s V-Tex Logistics and Magellan Midstream Partners to build storage and pipelines

Following our news yesterday of Magellan Midstream Partners, L.P. JV with Valero Energy Corporation and their £375m investment in new storage and pipeline infrastructure, we can now share that V-Tex Logistics, LLC, an indirect wholly owned subsidiary of Valero Energy Corporation will be investing $380m in the project, bringing the total investment by the two companies to $755m.

Valero Chairman, President and Chief Executive Officer, Joe Gorder said: “These projects support our long-term strategy of expanding and extending our supply chain through organic growth projects. We are very pleased to participate in the Magellan South Pipeline Expansion project. Valero and Magellan have had a long and successful working relationship and the Houston to Hearne pipeline project will build on that history.”

Valero Energy Corporation, through its subsidiaries, is an international manufacturer and marketer of transportation fuels and other petrochemical products.  Valero, a Fortune 50 company based in San Antonio, Texas, with approximately 10,000 employees, is an independent petroleum refiner and ethanol producer, and its assets include 15 petroleum refineries with a combined throughput capacity of approximately 3.1 million barrels per day and 11 ethanol plants with a combined production capacity of 1.4 billion gallons per year.

The petroleum refineries are located in the United States (U.S.), Canada and the United Kingdom (U.K.), and the ethanol plants are located in the Mid-Continent region of the U.S.  In addition, Valero owns the 2% general partner interest and a majority limited partner interest in Valero Energy Partners LP, a midstream master limited partnership.  Valero sells its products in both the wholesale rack and bulk markets, and approximately 7,400 outlets carry Valero’s brand names in the U.S., Canada, the U.K. and Ireland.

For more information visit www.valero.com

8th Sept 2017