Trans-Alaska Pipeline System. Credit: Luca Galuzzi – www.galuzzi.it.

Harvest Alaska (Harvest), a subsidiary of Harvest Midstream, has completed the acquisition of BP Pipelines’ (Alaska) midstream ownership interests.

The acquisition closed after the Regulatory Commission of Alaska green lighted the deal earlier this month.

Harvest acquired BP’s nearly 49% interest in the Trans-Alaska Pipeline System (TAPS) and 49% stake in Alyeska Service Company (Alyeska). The scope of the deal also included other Alaskan midstream interests.

According to a Reuters report, the acquisition values $5.6bn.

Harvest Midstream CEO Jason Rebrook said: “The completion of this acquisition is a critical milestone for Harvest.

“TAPS is an icon of American ingenuity and has a proven track record of safe and responsible operations with strong relationships in the communities it touches.

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“We are committed to positively building upon this great legacy and we look forward to partnering with Alyeska, other TAPS owners, and the State of Alaska for years to come.”

One of the largest pipelines in the world, the 800-mile long TAPS transports oil from the Prudhoe Bay oilfield in the North Slope of Alaska to the Valdez Marine Terminal, the northern most ice-free port in Valdez, Alaska. The system is capable of transporting 1.1 million barrels of oil per day.

As decided, Alyeska will continue to operate the pipeline.

Rebrook added: “Harvest has achieved several significant milestones this year including this historic acquisition as well as our first public bond offering, raising $600m in new capital.

“I’m proud of our team for their hard work and look forward to continuing to build Harvest together as a leading midstream operator in Alaska for years to come.”

Earlier this year, Harvest Midstream completed the Ingleside pipeline.