Business Services Industry
Tulsa, Okla.-based Magellan must sell Oklahoma City terminal in pipeline deal.
Knight Ridder/Tribune Business News, September, 2004
By Jim Stafford, The Daily Oklahoman Knight Ridder/Tribune Business News
Sep. 30--Tulsa-based Magellan Midstream Partners LP won federal approval Wednesday of its $492.4 million purchase of Shell Oil pipelines -- with a couple of strings attached.
The Federal Trade Commission OK'd the purchase on the stipulation that Magellan sell a refined petroleum products terminal in Oklahoma City within six months.
Magellan already owns a terminal at 251 N Sunnylane Road and is acquiring another from Shell at 951 N Vickie Drive.
Without the sale of one of the terminals, the acquisition would eliminate competition in the Oklahoma City market in violation of the FTC Act and the Clayton Act, the commission said in its order.
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