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Friday, July 03, 2009
Holly Corp. Plans New Pipeline
Associated Press
Holly Corp. plans a $40 million, 70-mile pipeline connecting Navajo Refinery between Lovington and Hobbs to new crude oil markets.
Holly's vice president of investor relations, Neale Hickerson, says the 16-inch pipeline will run from the refinery to a connection with an Occidental Petroleum Corp. pipeline near Sundown, Texas.
He says that will allow Holly Corp. to buy crude oil from elsewhere in the U.S. and Canada.
Hickerson says Navajo Refinery currently can refine 100,000 barrels daily, but can process only crude oils that come from the Permian Basin area. He says Holly is reworking the refinery to process heavy crude oil from Oklahoma or Canadian markets.
He says that presents the potential to save on the raw product, since the quality and price of crude oil vary widely.
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