TULSA, Okla. (AP) -- A unit of The Williams Cos. has agreed to purchase a small stake in the trans-Alaska oil pipeline, the Tulsa-based company said Tuesday.
Terms of the deal for Williams Alaska Petroleum Co. to buy Mobil Alaska Pipeline's 3.1 percent interest in the 800-mile pipeline were not disclosed.
Williams said the sale is subject to the rights of first refusal by other owners in the pipeline system.
It also must be approved by the Federal Trade Commission and the state attorneys general of Alaska, California, Oregon and Washington in connection with the last year's merger of Exxon Corp. and Mobil Corp. into the company now known as Exxon Mobil.
Williams Alaska's oil refinery in North Pole receives its crude feedstock from the pipeline, which runs from Prudhoe Bay to a tanker terminal in Valdez. The refinery processes more than 200,000 barrels per day into gasoline, aviation fuel and other products.
The company also has a distribution terminal at the Port of Anchorage, 28 retail outlets and an interest in an air-cargo transfer facility at Anchorage International Airport.
Williams acquired the Alaska properties in March 1998 when it bought Mapco Inc. for $3 billion.
Mobil Pipeline is one of the seven current owners of the trans-Alaska pipeline system. The three largest owners -- BP Amoco PLC, Atlantic Richfield Co. and Exxon Mobil -- control more than 90 percent of the pipeline's capacity.
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