Shell Midstream Partners, L.P. announced it has agreed to acquire from Shell an additional 20 percent equity interest in Mars Oil Pipeline Company and a 49 percent equity interest in Odyssey Pipeline L.L.C. for $350 million.
The acquisition is expected to be immediately accretive to unitholders and funded with a combination of cash on hand and borrowings under Shell Midstream Partners’ credit facilities. The acquisition is expected to close on October 3, 2016.
Mars Odyssey delivers crude from the prolific Mars Basin and the Amberjack system, offering 600 kbpd of capacity into LOOP’s Clovelly facility, and has 220 kbpd of capacity from the eastern Gulf of Mexico to the Delta Pipeline system, enabling deliveries to refineries in Louisiana and Mississippi.
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