The assets purchased include six tanks, three receiving pipelines and related assets and contract rights located at or associated with Holly's Tulsa, Oklahoma refinery.

In conjunction with the sale, Holly has entered into a 15-year tank lease and minimum throughput agreement (with options to extend).

Plains All American Pipeline and Holly have also agreed to work together to identify and capture contango storage opportunities.

Including only the cash flow generated by the lease and throughput agreement, the transaction is expected to be immediately accretive.

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