Sunoco Logistics Partners (SXL) said Monday it’s acquiring the Permian Basin crude oil business of privately-held, Netherlands-based commodities trader Vitol Group for $760 million, Kallanish Energy reports.

Under the deal, which also includes an undisclosed amount of working capital, Sunoco obtains a 2-million-barrel crude oil terminal in Midland, Texas, and a crude oil gathering and mainline pipeline system.

Sunoco Logistics also is buying the 50% interest in the SunVit Pipeline LLC joint venture not already owned. SunVit connects the Midland terminal to Sunoco’s Permian Express 2 pipeline.

“The addition of the Vitol system is an excellent synergistic fit to our growing crude platform in the Permian Basin,” said Michael J. Hennigan, CEO of Sunoco Logistics. “The Vitol pipeline assets are located in what we believe are the three best counties in the Midland Basin. Adding a 2-million-barrel terminal in Midland is very complimentary to our Permian strategy.”

In connection with the deal, Energy Transfer Partners and Energy Transfer Equity, owners of Sunoco Partners, Sunoco Logistics’ general partner, agreed to reduce the incentive distributions the general partner receives from SXL by $60 million over two years.

“We appreciate Energy Transfer’s support on this acquisition,” Hennigan said. “Their financial assistance via incentive distribution relief provides us with expected accretive economics for this strategic acquisition.”

The acquisition is expected to close in the fourth quarter.