The head of one of the biggest US oil pipeline companies said there were better growth prospects in shipping natural gas as he steps up a campaign to convince investors to back a $19bn merger with a gas-focused peer.
Aaron Milford, chief executive of Magellan Midstream Partners, said that the “opportunity to invest and grow” as a company focused on crude oil and refined products, such as petrol and jet fuel, had become increasingly “challenging” after a construction boom over the past decade ran its course.
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