By the OGJ Online Staff
HOUSTON, May 21 -- Buckeye Pipe Line Co., the general partner of Buckeye Partners LP, Radnor, Pa., has signed a letter of intent to purchase TransMontaigne Inc.'s Norco product pipeline system.
The purchase includes associated storage, product distribution, and delivery facilities from Chicago, Ill, to Fort Madison, Iowa, and from Chicago to Toledo, Ohio, as well as an Indianapolis, Ind., refined products storage terminal.
William H. Shea Jr., Buckeye president and CEO, said, "The Norco pipeline system, and related terminals, are a logical extension of Buckeye's Midwest pipeline system, and will expand the scope of our operations in Ohio, Indiana, and Illinois."
Financial terms of the deal were not disclosed. The transaction is subject to a definitive agreement between the companies, approval of the directors of both companies, and regulatory approval.
TransMontaigne is based in Denver, Colo.