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Valero buys out partner in Louisiana-Mississippi pipeline

Reuters
A Valero Energy Corp gas station is pictured in Pasadena, California October 27, 2015. REUTERS/Mario Anzuoni - RTX1TJOV

(Reuters) - Valero Energy Corp (VLO.N) said on Tuesday it bought Kinder Morgan Inc's (KMI.N) 50 percent stake in Parkway Pipeline LLC, previously a joint venture between the two companies.

The move will give Valero increased access to the eastern United States by connecting the pipeline to Colonial Pipeline Co's system that runs from Houston to New York Harbor.

The Parkway system currently is a 110,000 barrels per day 16-inch products pipeline that runs from Valero's refinery in Norco, Louisiana, to Kinder Morgan's Plantation Pipeline System in Collins, Mississippi. The line could be expanded to more than 200,000 bpd, Valero said.

Valero funded the acquisition with cash, and did not disclose the price it paid.

(Reporting by Manish Parashar in Bengaluru and Jessica Resnick-Ault in New York; Editing by Anil D'Silva and Phil Berlowitz)