Harvest Alaska Completes BP Alaska Acquisition
Harvest Alaska completed its acquisition of BP Pipelines (Alaska) Inc.’s midstream ownership interests on December 18, following approval by the Regulatory Commission of Alaska on December 14. Harvest immediately acquired BP’s approximately 49 percent interest in the Trans Alaska Pipeline System (TAPS) and 49 percent of Alyeska Service Company and other Alaska midstream interests.
Alyeska will continue to operate the pipeline as it has for decades.
“The completion of this acquisition is a critical milestone for Harvest,” says Jason Rebrook, CEO of Harvest Midstream.
“TAPS is an icon of American ingenuity and has a proven track record of safe and responsible operations with strong relationships in the communities it touches. We are committed to positively building upon this great legacy, and we look forward to partnering with Alyeska, other TAPS owners, and the State of Alaska for years to come.”
The 800-mile pipeline system, one of the largest pipelines in the world, transports oil from the North Slope of Alaska to the northern-most ice free port in Valdez.
The system has a capacity of approximately 1.1 million barrels per day and runs from Prudhoe Bay to the Valdez Marine Terminal. To date, TAPS has transported more than 18 billion barrels of product.
“Harvest has achieved several significant milestones this year, including this historic acquisition as well as our first public bond offering, raising $600 million in new capital,” Rebrook continues. “I’m proud of our team for their hard work and look forward to continuing to build Harvest together as a leading midstream operator in Alaska for years to come.”
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