UPDATE 1-Plains All American buys some Holly assets for $40 mln

* Plains buys crude oil pipelines, manifold, tankage

* Sees deal accretive immediately Oct 20 (Reuters) - Oil and gas pipeline operator Plains All American Pipeline LP (PAA.N) said it acquired certain crude oil storage and pipeline receiving facilities from Holly Corp (HOC.N) for $40 million in cash.

The deal includes about 400,000 barrels of crude oil storage capacity, six tanks, three receiving pipelines and contract rights associated with Holly's Tulsa, Oklahoma refinery, Plains said in a statement.

Separately, Holly said it will pay Plains a monthly amount for using the tankage and a fee for crude oil received through the pipeline receiving facilities bought by Plains.

Plains and Holly also agreed to work together to identify and capture contango storage opportunities.

Holly said it will maintain ownership of the remaining 2.8 million barrels of intermediate and finished petroleum product tankage.

Earlier on Tuesday, Holly had agreed to buy Sinclair Oil Corp's refinery in Tulsa for $128.5 million in a cash-and-stock deal. [ID:nBNG546084]

Plains shares closed at $49.46 Tuesday on the New York Stock Exchange while shares of Holly had closed at $31.26.

For the alerts, please double click [ID:nWNAB1449] (Reporting by Arup Roychoudhury in Bangalore; Editing by Pradeep Kurup)