September 14, 2017 / 1:08 PM / 3 months ago

BRIEF-Magellan Midstream and Valero form joint venture to expand Pasadena marine terminal

Sept 14 (Reuters) - Magellan Midstream Partners LP

* Magellan Midstream and Valero form joint venture to expand Pasadena marine terminal

* Magellan Midstream Partners- Pasadena facility will be owned by a limited liability company that is owned 50/50 by Magellan and Valero

* Magellan Midstream Partners - ‍all future expansions are expected to be owned by jointly-owned company​

* Magellan Midstream Partners - ‍combined, phases 1 and 2 of Pasadena marine terminal currently estimated to cost about $820 mln

* Magellan Midstream-co’s incremental capital spending will be about $75 mln versus previous spending estimates of $335 mln for phase 1 of Pasadena facility​

* Magellan Midstream Partners LP - ‍ Pasadena marine facility will be expanded by 4 mln barrels of storage, 3-bay truck rack, a second marine dock Source text for Eikon: Further company coverage:

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