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EXHIBIT 10.2

        SECOND AMENDMENT TO CREDIT AGREEMENT

        THIS SECOND AMENDMENT TO CREDIT AGREEMENT (this "Amendment") dated as of
the 6th day of May, 2005, by and among PLAINS ALL AMERICAN PIPELINE, L.P. ("US
Borrower"), PMC (NOVA SCOTIA) COMPANY and PLAINS MARKETING CANADA, L.P. (each a
"Canadian Borrower" and collectively, "Canadian Borrowers"), BANK OF AMERICA,
N.A., as Administrative Agent, BANK OF AMERICA, N.A., acting through its Canada
Branch, as Canadian Administrative Agent, and the Lenders party hereto.

W I T N E S S E T H:

        WHEREAS, US Borrower, Canadian Borrowers, Administrative Agent, Canadian
Administrative Agent and the Lenders named therein entered into that certain
Credit Agreement [US/Canada Facilities] dated as of November 2, 2004, as amended
by First Amendment to Credit Agreement dated March 4, 2005 (the "Original
Agreement") for the purposes and consideration therein expressed; and

        WHEREAS, US Borrower, Canadian Borrowers, Administrative Agent, Canadian
Administrative Agent and Lenders desire to amend the Original Agreement for the
purposes described herein;

        NOW, THEREFORE, in consideration of the premises and the mutual
covenants and agreements contained herein and in the Original Agreement, and for
other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the parties hereto do hereby agree as follows:

ARTICLE I.—Definitions and References

        § 1.1.    Terms Defined in the Original Agreement.    Unless the context
otherwise requires or unless otherwise expressly defined herein, the terms
defined in the Original Agreement shall have the same meanings whenever used in
this Amendment.

        § 1.2.    Other Defined Terms.    Unless the context otherwise requires,
the following terms when used in this Amendment shall have the meanings assigned
to them in this § 1.2.

        "Amendment" means this Second Amendment to Credit Agreement.

        "Credit Agreement" means the Original Agreement as amended hereby.

ARTICLE II.—Amendments

        § 2.1.    Definitions.    Section 1.1 of the Original Agreement is
hereby amended by adding the following new defined term "Principal Property"
immediately following the definition of "Plains Marketing":

        "Principal Property" means, whether owned or leased on the date hereof
or hereafter acquired:

        (a)   any pipeline assets of any Restricted Person, including any
related facilities employed in the transportation, distribution, terminalling,
gathering, treating, processing, marketing or storage of crude oil or refined
petroleum products, natural gas, natural gas liquids, fuel additives or
petrochemicals; and

        (b)   any processing or manufacturing plant or terminal owned or leased
by any Restricted Person;

except, in the case of either clause (a) or (b): (i) any such assets consisting
of inventories, furniture, office fixtures and equipment, including data
processing equipment, vehicles and equipment used on, or useful with, vehicles,
and (ii) any such asset, plant or terminal which, in the good faith opinion of
the Board, is not material in relation to the activities of US Borrower and its
Subsidiaries, taken as a whole.

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        § 2.2.    Increase in US Total Committed Amount.    The reference to
"$1,000,000,000" set forth in Section 2.1(d)(ii) of the Original Agreement is
hereby amended to refer instead to "$1,250,000,000".

        § 2.3.    Subsidiary Indebtedness.    Section 7.1(c) of the Original
Agreement is hereby amended in its entirety to read as follows:

        (c)   Indebtedness of Plains Marketing pursuant to the Contango Credit
Agreement.

        § 2.4.    Limitation on Liens.    The introductory paragraph of
Section 7.2 of the Original Agreement is hereby amended in its entirety to read
as follows:

        Section 7.2.    Limitation on Liens.    No Restricted Person will
create, assume or permit to exist any Lien upon any Principal Property or upon
the stock, membership interests, partnership interests or other equity ownership
interests of any Subsidiary of US Borrower (other than Unrestricted
Subsidiaries), except the following ("Permitted Liens"):

        Section 7.2(b) of the Original Agreement is hereby amended in its
entirety to read as follows:

        (b)   Intentionally omitted.

        § 2.5.    Commitments.    Schedule II to the Original Agreement is
hereby amended in its entirety to read as set forth on Schedule II attached
hereto. In connection therewith, Borrowers, Administrative Agent and Lenders
shall make adjustments to the outstanding principal amount of US Loans and
Canadian Loans (but not any interest accrued thereon prior to the date hereof or
any accrued commitment fees under the Credit Agreement prior to the date
hereof), including the borrowing of additional US Loans and/or Canadian Loans
and the repayment of US Loans and/or Canadian Loans plus all applicable accrued
interest, fees and expenses as shall be necessary to provide for US Loans by
each US Lender in the amount of its new US Percentage Share of all US Loans as
of the date hereof and for Canadian Loans by each Canadian Lender in the amount
of its new Canadian Percentage Share of all Canadian Loans as of the date
hereof, but in no event shall such adjustment of any Eurodollar Loans
(i) constitute a payment or prepayment of all or a portion of any Eurodollar
Loans or (ii) entitle any Lender to any reimbursement under Section 3.6 of the
Credit Agreement, and each Lender shall be deemed to have made an assignment of
its outstanding Loans and commitments under the Credit Agreement, and assumed
outstanding Loans and commitments of other Lenders under the Credit Agreement as
may be necessary to effect the foregoing.

        § 2.6.    New Canadian Lender.    Upon its execution and as of the
effectiveness hereof, Fortis Capital (Canada) Ltd. shall be a party to the
Credit Agreement and shall have the rights and obligations of a Canadian Lender
thereunder.

ARTICLE III.—Conditions of Effectiveness

        § 3.1.    Effective Date.    This Amendment shall become effective as of
the date first written above, when and only when

        (i)    Administrative Agent shall have received, at Administrative
Agent's office a counterpart of this Amendment executed and delivered by US
Borrower, Canadian Borrowers and Majority Lenders;

        (ii)   Administrative Agent shall have additionally received all of the
following documents, each document (unless otherwise indicated) being dated the
date of receipt thereof by Administrative Agent, duly authorized, executed and
delivered, and in form and substance satisfactory to Administrative Agent:

New Notes.    New US Notes, payable to each Lender that is increasing its US
Commitment, in the amount of each such Lender's new US Commitment, and new
Canadian Notes, payable to

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each Canadian Lender that is increasing its Maximum Canadian Allocated
Commitment, in the amount of each such Canadian Lender's new Maximum Canadian
Allocated Commitment.

Supporting Documents.    Such supporting documents as Administrative Agent may
reasonably request.

ARTICLE IV.—Representations and Warranties

        § 4.1.    Representations and Warranties of Borrowers.    In order to
induce Administrative Agent and Lenders to enter into this Amendment, US
Borrower and, with respect to itself and its Subsidiaries, the Canadian
Borrowers, represent and warrant to Administrative Agent and each Lender that:

        (a)   The representations and warranties contained in Article V of the
Original Agreement are true and correct at and as of the time of the
effectiveness hereof, except to the extent that such representation and warranty
was made as of a specific date or updated, modified or supplemented as of a
subsequent date with the consent of Majority Lenders, then in each case such
other date.

        (b)   Each Restricted Person is duly authorized to execute and deliver
this Amendment, to the extent a party thereto, and US Borrower and each Canadian
Borrower is and will continue to be duly authorized to borrow and perform its
obligations under the Credit Agreement. Each Restricted Person a party hereto
has duly taken all action necessary to authorize the execution and delivery of
this Amendment and to authorize the performance of its obligations hereunder.

        (c)   The execution and delivery by each Restricted Person of this
Amendment, to the extent a party hereto, the performance by it of its
obligations hereunder, and the consummation of the transactions contemplated
hereby, do not and will not (i) violate any provision of any Law applicable to
it or of the organizational documents of such Restricted Person, or of any
judgment, order or material license or permit applicable to or binding upon any
Restricted Person, (ii) result in the acceleration of any Indebtedness owed by
it, or (iii) result in the creation of any consensual Lien upon any of its
material assets or properties of any Restricted Person, except Permitted Liens,
or, without duplication, as expressly contemplated in, or permitted by, the Loan
Documents. Except for those which have been duly obtained, or, without
duplication, as are expressly contemplated in, or permitted by the Loan
Documents, disclosed in the Disclosure Schedule or disclosed pursuant to
Section 6.4 of the Credit Agreement, no consent, approval, authorization or
order of any Governmental Authority is required on the part of any Restricted
person a party thereto pursuant to the provisions of any material Law applicable
to it as a condition to its execution and delivery by each Restricted Person of
this Amendment and the performance of its obligations hereunder, to the extent a
party hereto, or to consummate the transactions contemplated hereby.

        (d)   When duly executed and delivered, this Amendment and each of the
Loan Documents, as amended hereby, will be a legal and binding instrument and
agreement of each Restricted Person to the extent a party hereto, enforceable in
accordance with its terms, (subject, as to enforcement of remedies, to
applicable bankruptcy, insolvency and similar laws applicable to creditors'
rights generally and general principles of equity).

ARTICLE V.—Miscellaneous

        § 5.1.    Ratification of Agreements.    The Original Agreement, as
hereby amended, is hereby ratified and confirmed in all respects. The Loan
Documents, as they may be amended or affected by this Amendment, are hereby
ratified and confirmed in all respects by US Borrower and each Canadian
Borrower. Any reference to the Credit Agreement in any Loan Document shall be
deemed to refer to this Amendment also. The execution, delivery and
effectiveness of this Amendment shall not, except as expressly provided herein,
operate as a waiver of any right, power or remedy of Administrative Agent

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or any Lender under the Credit Agreement or any other Loan Document nor
constitute a waiver of any provision of the Credit Agreement or any other Loan
Document.

        § 5.2.    Ratification of Security Documents.    Borrowers,
Administrative Agent, Canadian Administrative Agent and Lenders each
acknowledges and agrees that any and all Obligations, including all Swing Line
Loans, are guarantied by the respective Guarantors.

        § 5.3.    Survival of Agreements.    All representations, warranties,
covenants and agreements of each Restricted Person a party hereto shall survive
the execution and delivery of this Amendment and the performance hereof,
including without limitation the making or granting of each Loan, and shall
further survive until all of the Obligations under the Credit Agreement are paid
in full. All statements and agreements contained in any certificate or
instrument delivered by any Restricted Person hereunder or under the Credit
Agreement to Administrative Agent or any Lender shall be deemed to constitute
representations and warranties by, or agreements and covenants of, Borrower and
each Canadian Borrower under this Amendment and under the Credit Agreement.

        § 5.4.    Loan Documents.    This Amendment is a Loan Document, and all
provisions in the Credit Agreement pertaining to Loan Documents apply hereto.

        § 5.5.    GOVERNING LAW.    THIS AMENDMENT SHALL BE GOVERNED BY AND
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK AND ANY
APPLICABLE LAWS OF THE UNITED STATES OF AMERICA IN ALL RESPECTS, INCLUDING
CONSTRUCTION, VALIDITY AND PERFORMANCE.

        § 5.6.    Counterparts.    This Amendment may be separately executed in
counterparts and by the different parties hereto in separate counterparts, each
of which when so executed shall be deemed to constitute one and the same
Amendment. Delivery of an executed signature page by facsimile transmission
shall be effective as delivery of a manual executed counterpart.

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        IN WITNESS WHEREOF, this Amendment is executed as of the date first
above written.

US BORROWER:   PLAINS ALL AMERICAN PIPELINE, L.P.
 
 
By:
PLAINS AAP, L.P.,
its general partner
 
 
By:
PLAINS ALL AMERICAN GP LLC,
its general partner
 
 
By:

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Al Swanson, Vice President and Treasurer
CANADIAN BORROWERS:
 
PMC (NOVA SCOTIA) COMPANY
 
 
By:
/s/  AL SWANSON      

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Al Swanson, Vice President and Treasurer
 
 
PLAINS MARKETING CANADA, L.P.
 
 
By:
PMC (Nova Scotia) Company,
its general partner
 
 
By:
/s/  AL SWANSON      

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Al Swanson, Vice President and Treasurer
GUARANTOR:
 
PLAINS ALL AMERICAN PIPELINE, L.P.
 
 
By:
PLAINS AAP, L.P.,
its general partner
 
 
By:
PLAINS ALL AMERICAN GP LLC,
its general partner
 
 
By:
/s/  AL SWANSON      

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Al Swanson, Vice President and Treasurer

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    BANK OF AMERICA, N.A.,
Administrative Agent, LC Issuer, Swing Line
Lender and a Lender
 
 
By:

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Name:
Title:
 
 
BANK OF AMERICA, N.A.,
acting through its Canada Branch,
as Canadian Administrative Agent, Canadian LC
Issuer and a Canadian Lender
 
 
By:

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Name:
Title:

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    WACHOVIA BANK, NATIONAL ASSOCIATION,
Co-Syndication Agent and a Lender
 
 
By:

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Name:
Title:
 
 
CONGRESS FINANCIAL CORPORATION (CANADA),
a Canadian Lender
 
 
By:

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Name:
Title:

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    JPMORGAN CHASE BANK, N.A.
successor by merger to BANK ONE, NA,
Co-Syndication Agent and a Lender
 
 
By:

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Name:
Title:
 
 
JPMORGAN CHASE BANK, TORONTO BRANCH,
successor by merger to BANK ONE, NA,
CANADA BRANCH, a Canadian Lender
 
 
By:

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Name:
Title:

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    FORTIS CAPITAL CORP.,
Co-Documentation Agent and a Lender
 
 
By:

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Name:
Title:
 
 
By:

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Name:
Title:
 
 
FORTIS CAPITAL (CANADA) LTD.,
a Canadian Lender
 
 
By:

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Name:
Title:
 
 
By:

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Name:
Title:

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    CITIBANK, N.A.,
Co-Documentation Agent and a Lender
 
 
By:

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Name:
Title:
 
 
CITIBANK, N.A., Canadian branch,
a Canadian Lender
 
 
By:

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Name:
Title:

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    BNP PARIBAS,
Co-Documentation Agent and a Lender
 
 
By:

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Name:
Title:
 
 
By:

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Name:
Title:
 
 
BNP PARIBAS (CANADA),
a Canadian Lender
 
 
By:

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Name:
Title:
 
 
By:

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Name:
Title:

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    WELLS FARGO BANK, N.A.
Managing Agent and a Lender
 
 
By:

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Name:
Title:

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    THE BANK OF NOVA SCOTIA,
Managing Agent and a Lender
 
 
By:

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Name:
Title:
 
 
THE BANK OF NOVA SCOTIA,
a Canadian Lender
 
 
By:

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Name:
Title:

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    U.S. BANK NATIONAL ASSOCIATION,
Managing Agent and a Lender
 
 
By:

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Name:

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    SUNTRUST BANK,
Managing Agent and a Lender
 
 
By:

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Name:
Title:

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UBS LOAN FINANCE LLC,
Managing Agent and a Lender
 
 
By:

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Name:
Title:
 
 
By:

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Name:
Title:
 
 
UBS AG CANADA BRANCH,
a Canadian Lender
 
 
By:

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Name:
Title:
 
 
By:

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Name:
Title:

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UFJ BANK LTD., NEW YORK BRANCH,
a Lender
 
 
By:

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Name:
Title:

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    SUMITOMO MITSUI BANKING CORPORATION, a Lender
 
 
By:

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Name:
Title:
 
 
SUMITOMO MITSUI BANKING
CORPORATION OF CANADA, a Lender
 
 
By:

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Name:
Title:

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    UNION BANK OF CALIFORNIA, N.A.,
a Lender
 
 
By:

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Name:
Title:
 
 
UNION BANK OF CALIFORNIA, N.A.,
CANADA BRANCH, a Canadian Lender
 
 
By:

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Name:
Title:

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    ROYAL BANK OF CANADA,
a Lender
 
 
By:

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Name:
Title:

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    SOCIETE GENERALE,
a Lender
 
 
By:

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Name:
Title:
 
 
By:

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Name:
Title:
 
 
SOCIETE GENERALE (CANADA)
 
 
By:

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Name:
Title:
 
 
By:

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Name:
Title:

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    HSBC BANK USA, NATIONAL ASSOCIATION
a Lender
 
 
By:

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Name:
Title:
 
 
HSBC BANK USA, NATIONAL ASSOCIATION,
TORONTO BRANCH, a Canadian Lender
 
 
By:

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Name:
Title:

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    DNB NOR BANK ASA,
a Lender
 
 
By:

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Name:
Title:
 
 
By:

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Name:
Title:

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    COMMERZBANK AG, NEW YORK AND
GRAND CAYMAN BRANCHES, a Lender
 
 
By:

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Name:
Title:
 
 
By:

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Name:
Title:

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    COMERICA BANK,
a Lender
 
 
By:

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Name:
Title:
 
 
COMERICA BANK, CANADA BRANCH,
a Lender
 
 
By:

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Name:
Title:

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    AMEGY BANK NATIONAL ASSOCIATION,
p/k/a SOUTHWEST BANK OF TEXAS, N.A.,
a Lender
 
 
By:

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Name:
Title:

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CONSENT AND AGREEMENT

        Each of the undersigned Guarantors hereby consents to the provisions of
this Amendment and the execution and delivery of the Notes, and the transactions
contemplated herein and therein and hereby and thereby (i) acknowledges and
agrees that any and all indebtedness, liabilities or obligations arising under
or in connection with the Notes are Obligations and are guarantied indebtedness
under such Guarantor's Guaranty, (ii) ratifies and confirms its Guaranty made by
it for the benefit of Administrative Agent and Lenders, and (iii) expressly
acknowledges and agrees that such Guarantor guarantees all indebtedness,
liabilities and obligations arising under or in connection with the Notes
pursuant to the terms of such Guaranty, and agrees that its obligations and
covenants thereunder are unimpaired hereby and shall remain in full force and
effect.

    PLAINS ALL AMERICAN PIPELINE, L.P.
 
 
By:
PLAINS AAP, L.P.,
its general partner
 
 
By:
PLAINS ALL AMERICAN GP LLC,
its general partner
 
 
By:
/s/  AL SWANSON      

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Al Swanson, Vice President and Treasurer
 
 
PLAINS MARKETING, L.P.
PLAINS PIPELINE, L.P.
 
 
By:
PLAINS MARKETING GP INC.,
its general partner
 
 
By:
/s/  AL SWANSON      

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Al Swanson, Vice President and Treasurer
 
 
PAA FINANCE CORP.
PLAINS MARKETING GP INC.
PMC (NOVA SCOTIA) COMPANY
 
 
By:
/s/  AL SWANSON      

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Al Swanson, Vice President and Treasurer

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PLAINS MARKETING CANADA LLC
 
 
By:
PLAINS MARKETING, L.P.,
its sole member
 
 
By:
PLAINS MARKETING GP INC.,
its general partner
 
 
By:
/s/  AL SWANSON      

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Al Swanson, Vice President and Treasurer
 
 
PLAINS MARKETING CANADA, L.P.
 
 
By:
PMC (NOVA SCOTIA) COMPANY,
its general partner
 
 
By:
/s/  AL SWANSON      

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Al Swanson, Vice President and Treasurer
 
 
BASIN PIPELINE HOLDINGS, L.P.
 
 
By:
Basin Holdings GP LLC,
its general partner
 
 
By:
Plains Pipeline, L.P.,
its sole member
 
 
By:
Plains Marketing GP Inc.,
its general partner
 
 
By:
/s/  AL SWANSON      

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Al Swanson, Vice President and Treasurer
 
 
RANCHO PIPELINE HOLDINGS, L.P.
 
 
By:
Rancho Holdings GP LLC,
its general partner
 
 
By:
Plains Pipeline, L.P.,
its sole member
 
 
By:
Plains Marketing GP Inc.,
its general partner
 
 
By:
/s/  AL SWANSON      

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Al Swanson, Vice President and Treasurer

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    BASIN HOLDINGS GP LLC
RANCHO HOLDINGS GP LLC
 
 
By:
Plains Pipeline, L.P.,
its sole member
 
 
By:
Plains Marketing GP Inc.,
its general partner
 
 
By:
/s/  AL SWANSON      

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Al Swanson, Vice President and Treasurer

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QuickLinks

EXHIBIT 10.2

ARTICLE I.—Definitions and References
ARTICLE II.—Amendments
ARTICLE III.—Conditions of Effectiveness
ARTICLE IV.—Representations and Warranties
ARTICLE V.—Miscellaneous
CONSENT AND AGREEMENT