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US regulator clears purchase of pipeline operator Kaneb

Wed, 27 July 2005

THE US Federal Trade Commission has cleared Valero’s proposed $2.8-billion acquisition of Kaneb Pipe Lines and Kaneb Services. FERC said its approval was conditional on Valero’s selling assets in northern California, Pennsylvania, and Colorado.

San Antonio-based Valero is an oil-pipeline operator, and agreed to acquire Richardson-based Kaneb in November. Kaneb transports petroleum products. In June, Valero said it had signed a consent decree with the FERC that resolved the agency's concerns about the deal.

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