ArcLight Capital Partners has acquired a 30% interest in a refined products pipeline system.
The company, through one of its affiliates, acquired the stake in the entity that owns the Olympic Pipeline from ARCO Midcon, an affiliate of BP Pipelines (North America).
The pipeline spans 400 miles across the states of Washington and Oregon. BP Pipelines (North America) will continue to operate the pipeline under a multi-year operating agreement.
This follows a joint venture between ArcLight and BP to enter into a joint venture across two large-scale refined product terminals that are interconnected to the pipeline.
In connection with the transaction, ArcLight has granted TransMontaigne Partners a right of first offer to purchase ArcLight’s interest in the entity that owns the pipeline.