The company increased its ownership interest to 34.6% from 24.9%, and has paid approximately $13.4m for the additional ownership interest.
West Shore is a 650-mile common carrier petroleum pipeline system that originates in the greater Chicago area and transports refined petroleum products to northern Illinois and Wisconsin including the Madison and Green Bay, WI metropolitan markets. Buckeye has been the operator of the West Shore system since January 2009.
Clark Smith, president and chief operating officer of Buckeye’s general partner, said: “Buckeye was pleased with the opportunity to increase its investment in West Shore, having acquired an original ownership interest in 2001.
“The asset continues to perform well and provides solid, fee-based transportation services to market demand centers in northern Illinois and Wisconsin.”
Buckeye owns and operates an independent refined petroleum products pipeline system in the US, with approximately 5,400 miles of pipeline.
The company also owns 67 refined-petroleum products terminals, operates and maintains approximately 2,400 miles of pipeline under agreements with major oil and chemical companies, owns a major natural gas storage facility in northern California, and markets refined petroleum products in certain of the geographic areas served by its pipeline and terminal operations.
