Buckeye purchases US terminal, pipeline assets from BP for $165mn
Buckeye Partners said it completed the purchase of 33 refined products terminals and 650 miles of pipeline from BP for $165mn.
The terminal and pipeline assets are located in the US Midwest, Southeast and West, further extending Buckeye's operations into new geographic markets, the company said.
This acquisition includes over 10mn barrels of storage capacity, increasing Buckeye's total liquid petroleum storage capacity by approximately 19% to over 63mn barrels.
BP will continue to be a key customer at these facilities under multi-year throughput commitments, the companies said.
"We are excited to bring these new terminals and pipelines into Buckeye's growing portfolio of assets," said Forrest E. Wylie, Buckeye CEO.
"This acquisition, which is expected to be immediately accretive to our distributable cash flow per unit, is the latest example of our commitment to creating long-term unitholder value through strategic acquisitions that leverage our core strengths as an organization.”
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