Which of the following is a transaction$-$specific asset?

$($i$)$ The gas pipeline $($owned by Company $x)$ running from a natural gas field $($owned by Company Y$)$ to Lima

$($ii$)$ A refining plant on the coast in Houston which refines heavy crude oil from several different resources

Neither $($i$)$ nor $($ii$)$ is a transaction$-$specific asset.

Both $($i$)$ and $($ii$)$ are transaction$-$specific assets.

Only $($i$)$ is a transaction$-$specific asset.

Only $($ii$)$ is a transaction$-$specific asset.