Plains All American spends $500M to move crude by rail

Dec 05, 2012 | 04:35 PM | Michael Cowden

Tags  Plains All American Pipeline, Greg L. Armstrong, U.S. Development Group, crude oil, rail, pipeline, shale, Bakken Eagle Ford

CHICAGO — Plains All American Pipeline LP has acquired four crude oil rail terminals and one under development from U.S. Development Group LLC for $500 million, the companies said Wednesday.

Houston-based Plains All American said the move represents a significant addition to its rail activities in North America.

"Given recent and projected increases in North American crude oil production ... we believe that strategically located rail loading and unloading assets will continue to play an important role in the transportation of crude oil in North America," chairman and chief executive officer Greg L. Armstrong said in a statement.....

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