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to similar facilities in Artesia, N.M. Holly Energy Partnerws paid $34.2 million in an all-cashh transaction for the pipeline aftetr finacing the acquisition through a revolvinfgcredit facility. In addition to the pipeline itself, Hollyu Energy has spent $7.9 million for pipeline infrastructure improvementsebetween Holly's Lovington and Artesia refiningt facilities. “We are pleased that Holly Energyy was able to acquire another key logistic asset from saidMatt Clifton, chairmahn and CEO of Holly Corp. and Holly Energy. "This pipelin will support expanded volumes from the recentg Navajo Refinery expansion and contribute additional revenues forHollyh Energy.
” Both Holly Energy and Holly Corp. are headquarterexd in Dallas. Holly Energy provides petroleum and crude oil transportation andstorage services. Holly Corp., which has a 41 percengt ownership interest inHolly Energy, is an independentg oil refiner and marketing company.
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