California Public Utilities Commission Approves Joint-Venture Application of ARCO Pipe Line Co. and Pacific Pipeline System Inc.LONG BEACH, Calif.--(BUSINESS WIRE)--Feb. 9, 1999--ARCO Pipe Line Co. and Pacific Pipeline System Inc. announced that on Feb. 4 the California Public Utilities Commission The California Public Utilities Commission (CPUC; also often commonly referred to as simply the PUC) [1] is a state Public Utilities Commission which regulates privately-owned utilities in the state of California, including electric power, (CPUC CPUC California Public Utilities Commission CPUC Current Procurement Unit Cost ) approved the application of the companies to form a new joint venture, Pacific Pipeline System LLC, which will combine two pipeline systems transporting crude oil from San Joaquin Valley Noun 1. San Joaquin Valley - a vast valley in central California known for its rich farmland Calif., California, Golden State, CA - a state in the western United States on the Pacific; the 3rd largest state; known for earthquakes and Outer Continental Shelf In the federal United States, the Outer Continental Shelf (OCS) consists of the submerged lands, subsoil, and seabed, lying between the seaward extent of the States' jurisdiction and the seaward extent of Federal jurisdiction. oil producers to Los Angeles Basin The Los Angeles Basin is the coastal sediment-filled plain located between the peninsular and transverse ranges in southern California in the United States containing the central part of the city of Los Angeles as well as its southern and southeastern suburbs (both in Los Angeles refiners. The companies expect to close the transaction prior to the end of February. Pacific Pipeline System Inc. will contribute its recently completed Pacific Pipeline System, a 20-inch insulated line that runs from Kern County to the Long Beach and El Segundo areas, with an average capacity of 130,000 BPD. ARCO Pipe Line will contribute its Line 63 pipeline system, a 14-inch pipeline from Kern County to the city of Carson, with an average capacity of 105,000 BPD. The ARCO system also includes gathering facilities in the San Joaquin Valley and distribution pipelines in the Los Angeles Basin. Irv Toole, who has been named president and chief executive officer of Pacific Pipeline System LLC, said: "We are pleased that the CPUC has approved the joint venture on a timely basis and that we can now move forward to close the transaction. "We are also pleased that construction of the Pacific Pipeline has been completed. The line is currently being filled with crude oil and will commence commercial operations later this month." ARCO Pipe Line is a subsidiary of Los Angeles-based ARCO (NYSE NYSE See: New York Stock Exchange :ARC). Pacific Pipeline System Inc. is a subsidiary of The Anschutz Corp., based in Denver. |
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