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    PAA to construct pipeline from Cushing to Memphis

    Plains All American Pipeline LP

    Plains All American Pipeline LP (NYSE: PAA) will construct the Diamond Pipeline, a 440-mile, 20-inch crude oil pipeline that will provide capacity of up to 200,000 barrels per day of domestic sweet crude from the Plains’ Cushing, Oklahoma, terminal to the Valero Memphis refinery in Tennessee, and the ability to access Valero Energy Partners’ Collierville, Tennessee, pipeline.

    The Diamond Pipeline project is underpinned by a long-term shipping agreement with Valero and a related contract for storage and terminaling services at the Plains Cushing Terminal. Valero holds an option until January 2016 to become a partner in the Diamond Pipeline and to purchase a 50% interest. Construction of the pipeline will enhance the refinery’s long-term ability to produce gasoline, diesel, and jet fuel for the greater Memphis, Tennessee, and eastern Arkansas area.

    The total project investment is expected to be $900 million, and it is expected to be completed in late 2016.

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