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Holly signs deal to ship oil on Centurion Pipeline

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July 22, 2008

DALLAS—Oil refiner Holly Corp. said Tuesday that its refining subsidiary, Holly Refining & Marketing Co., reached an agreement to ship crude oil on the Centurion Pipeline.

Financial terms were not disclosed.

The pipeline, which is owned and operated by Centurion Pipeline LP, a subsidiary of Occidental Petroleum Corp., will deliver crude oil from Oklahoma to Texas.

Holly previously reached shipping commitments on the Keystone and the Spearhead pipelines, which will transport Canadian crude oil from Canada to Oklahoma.

The company said it's currently evaluating the best pipeline plan to deliver crude from the end of the Centurion pipeline in Texas to the Navajo Refinery complex in New Mexico, which will involve about 70 miles of additional pipeline.

Holly said the pipeline commitments will increase the Navajo refinery's feedstock flexibility by allowing the delivery of heavy Canadian and other crudes.

Holly shares rose 35 cents to $30.54 in morning trading.

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