Buckeye Partners, one of the leading petroleum distributors in the US, yesterday agreed to buy some of BP’s refined petroleum products terminals and pipelines in the US, for $225 million.
Pennsylvania-based Buckeye is buying BP’s North America Unit 33, refined petroleum products terminals with total storage capacity exceeding 10 million barrels and approximately 1,000 miles of refined petroleum products pipelines, including BP’s approximately 50 per cent interest in Inland Corporation.
The terminal and pipeline assets are located in the Midwestern, Southeastern, and Western US.
”This transaction is a key step in our continued expansion and geographic diversification efforts and further facilitates our participation in several key growth markets outside our current system footprint,” said Forrest Wylie, Buckeye’s chairman and CEO.
