US based Buckeye Partners will acquire the remaining 20% interest in (FRBCH), the indirect owner of Bahamas Oil Refining Company International (BORCO).
This acquisition is in line with Vopak Bahamas exercising its right to sell its 20% interest in FRBCH to Buckeye.
The acquisition will be at the same proportionate price and on the same terms and conditions as those on which Buckeye has agreed to purchase an 80% indirect interest in FRBCH from affiliates of FRC Founders Corporation (First Reserve) that consists of the same form of consideration (cash and equity).
Buckeye anticipates the purchase of Vopak’s interest to be completed once the definitive documentation is executed and the closing conditions are satisfied, according to the company.
Buckeye is a publicly traded partnership that owns and operates an independent refined petroleum products pipeline system in the US.