Buckeye Partners, a midstream energy company, has announced that its subsidiary, Buckeye Albany Terminal, has acquired an ethanol and petroleum products distribution terminal located in Albany, New York from LogiBio Albany Terminal for a cash consideration of approximately $46.5 million.
Additional consideration of $1.5 million will be due to the seller if the terminal’s operations meet certain performance goals over the next three years. The Albany terminal has an active storage capacity of 1.8 million barrels, two deep-water docks, and ethanol unit train offloading capability.
Forrest Wylie, chairman and CEO of the partnership’s general partner, said: The Albany terminal is a major ethanol distribution hub in the northeastern US. Ethanol arrives at the terminal by rail car and is distributed from the terminal by barge and truck. The Albany facility is a significant addition to our expanding network of distribution terminals.