Via NewsOK.com
Union Pacific Railroad acquired complete ownership of a rail line in Oklahoma decades after state officials saved what continues to be a link of commerce through the Sooner State.
The agreement was originally drafted 30 years ago when Chicago, Rock Island and Pacific Railroad Company filed for bankruptcy, potentially eliminating a critical rail connection that linked Texas and Kansas through Oklahoma. The State of Oklahoma purchased 351 miles of track that run through Enid, El Reno, Oklahoma City, Chickasha, Duncan and Lawton. The railroad tracks were operated by Oklahoma-Kansas-Texas Railroad Company through a 30-year-lease purchase agreement signed November 1, 1982. Union Pacific acquired the tracks after several mergers and finished paying $35 million plus accrued interest for the rail line last year.
Union Pacific invested more than $214 million in Oklahoma transportation infrastructure from 2007 to 2011. The company operates 1,173 miles of track in Oklahoma, which serve as a vital link between the Midwest and the Gulf Coast. Grain bound for export moves through the state, as well as coal bound for southern power plants. Union Pacific also ships Oklahoma wheat, cement and aggregates out of the state.