Pipeline purchase complete

Petroleum News Alaska Staff

ConocoPhillips said Feb. 5 that it completed the acquisition of Amerada Hess Pipeline Corp.’s interest in the trans-Alaska pipeline system. The purchase of the 1.5 percent Amerada Hess share brings ConocoPhillips’ ownership to 28.2 percent.

The company said the acquisition was approved by the U.S. Department of Interior and the Regulatory Commission of Alaska. No other trans-Alaska pipeline owners exercised their preferential rights option to obtain a proportionate interest on the same terms.