BP updates on IPO for US pipeline assets
BP has announced that its indirect subsidiary, BP Midstream Partners, has filed a registration statement on Form S-1 with the US Securities and Exchange Commission (SEC) related to its proposed initial public offering (IPO) of common units representing limited partner interests.
BP Midstream Partners was formed as a vehicle to own, operate, develop and acquire pipelines and other midstream assets. It will be headquartered in Houston, Texas, with offices in Chicago, Illinois.
BP Midstream Partners' initial assets are expected to consist of ownership interests in one onshore crude oil pipeline system, one onshore refined products pipeline system, and one onshore diluent pipeline system, which carry shipments to or from BP's Whiting Refinery in Whiting Indiana, together with interests in four offshore crude oil pipeline systems and one offshore natural gas pipeline system that connect offshore production areas in the Gulf of Mexico with the Gulf Coast refining and distribution hubs.
If the IPO is completed, BP would own the general partner of BP Midstream Partners, all of its incentive distribution rights and a majority of its limited partner interests.
At 1:55pm: (LON:BP.) BP PLC share price was +0.68p at 446.78p
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