US-based Buckeye Partners has completed the acquisition of refined petroleum products terminals and pipeline products from BP North America and its affiliates (BP).
The company acquired the properties for $165m in cash and the assets are located in different parts of US, further extending Buckeye’s operations into new geographic markets.
The properties have current net production of approximately 10 million barrels of storage capacity, increasing Buckeye’s total liquid petroleum storage capacity by approximately 19% to over 63 million barrels.
Buckeye Partners chairman and CEO Forrest E. Wylie said the acquisition of the new terminals and pipelines would increase Buckeye’s growing portfolio of assets.
"Since we commenced our best practices initiative in July 2009, our improved commercial focus has allowed us to drive incremental volumes through our legacy assets, and we are committed to applying these best practices to further enhance the commercial utilization of our newly acquired facilities." Wylie said.
Buckeye is a publicly traded partnership that owns and operates an independent refined petroleum products pipeline system in the US.