Sunoco Logistics Partners LP (SXL)

[OilStockReport]

Pipeline Stake.


DOW JONES NEWSWIRES

Sunoco Logistics Partners L.P. (SXL) acquired a controlling interest in Inland Corp., a fuel transporter, for about $100 million.

Inland consists of a 350-mile refined-products pipeline and related facilities that supply multiple Ohio refineries and terminal markets.

"The Inland operations are an excellent complement to our existing refined products platform in the Midwest," said Chairman and Chief Executive Lynn L. Elsenhans. "This acquisition is in-line with our goal of growing ratable, fee-based cash flow."

Through a series of transactions, Sunoco Logistics now owns an 83.8% economic stake and a 70% voting interest in Inland. Details of the transactions and the seller weren't disclosed.

Buckeye Partners LP (BPL) said in March it bought BP PLC's (BP, BP.LN) 50% interest in Inland as part of a larger deal that included 33 refined petroleum products terminals with a total storage capacity of more than 10 million barrels and about 1,00 miles of pipeline.

Sunoco Logistics, a pipeline company, reported in April its first quarter profit rose 12% on a 34% revenue increase, reflecting strong demand for west Texas crude oil.

Shares slipped 42 cents to $81.66 in recent trading. The stock has risen 25% over the past year.