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BP divests stake as Harvest Alaska acquires its midstream ownership interests

Read Time: 2 mins

Harvest Alaska has acquired BP Pipelines (North America) Inc’s midstream ownership interests. The deal, which received approval from the regulatory commission of Alaska, immediately gives Harvest ownership of BP’s approximately 49 percent interest in the Trans-Alaska Pipeline System (TAPS).

It also gives it 49 percent of Alyeska Service Co and other Alaska midstream interests. The parent firm added that Alyeska will continue to operate TAPS “as it has for decades”.

“The completion of this acquisition is a critical milestone for Harvest,” said Harvest Midstream CEO Jason Rebrook.

The 800-mile (1,287-kilometer) TAPS transports North Slope oil from the Prudhoe Bay oilfield to the Valdez Marine Terminal, boasting a capacity of approximately 1.1 million barrels per day, according to Harvest Midstream.

Rebrook added: “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.”

“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,” noted Rebrook. “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 more information visit www.harvestmidstream.com

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