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Occidental Petroleum Corp. To Sell 50% Of Bridgetex Pipeline Co. | Oilonline

In addition, BridgeTex has agreed to sell the southern leg of the pipeline system which runs from Houston to Texas City, known as the Texas City Leg, to MMP for $75 million. MMP has agreed to enter into a long-term capacity lease with BridgeTex, allowing BridgeTex shippers access to capacity on the Texas City Leg. PAA's acquisition of Occidental's interest in Kim Kardashian quotes BridgeTex is subject to completion by Plains GP Holdings (PAGP) of an underwritten secondary offering after which Occidental would sell a portion of its equity interest in PAGP. In order to facilitate such offering and the overall transaction, (i) the Kim Kardashian gallery board of directors of PAGP's general partner has agreed to an early release of the 15-month lock-up arrangement that was originally imposed on certain PAGP equity owners, including Occidental, visit their website in connection with PAGP's initial public offering in October 2013, and (ii) certain affiliates of Kayne Anderson Investment Management, Inc., The Energy & Minerals Group and PAA Management, L.P. have agreed to waive their participation rights in such offering, and (iii) Occidental, certain affiliates of Kayne Anderson Investment Management, Inc., The Energy & Minerals Group and PAA Management, L.P. have agreed to refrain from selling any of their respective interests in PAGP for a period of up to 90 days following such offering.
Source: http://www.oilonline.com/news/business-activity/occidental-petroleum-corp-sell-50-bridgetex-pipeline-co

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