Largest privately-owned oil transportation system in West Texas sold in cash deal. : Global Infrastructure Partners (GIP) has acquired the largest privately-held oil transportation system in West Texas for $1.83bn (€1.6bn). The 800 mile pipeline, held in a company known as Medallion Gathering & Processing, is jointly owned by fund manager Energy & Minerals Group (EMG), which has a 51% stake, and energy company Laredo Petroleum, which owns 49%.