Buckeye to buy BP terminals, pipelines for $225 million

By OGJ editors
HOUSTON, Mar. 21
-- Buckeye Partners LP agreed to acquire 33 refined products terminals and 1,000 miles of pipelines in the US from BP Products North America Inc. and its affiliates for $225 million. The transaction includes BP's 50% interest in Inland Corp., a pipeline joint venture in Ohio.

Closing, subject to regulatory approvals and other conditions, is expected in the second quarter. Buckeye's proposed acquisition of BP's interest in Inland, which represents $60 million of the total price, is subject to Inland's other shareholders' existing rights of first refusal. Other stakeholders are Shell Oil Co., Sun Pipeline Co., and Midwest Pipeline Holding LLC.

Regarding the total transaction, Buckeye said the 33 terminals that it’s buying have total storage capacity exceeding 10 million bbl. The terminal and pipelines are in the US Midwest, Southeast, and West.

Buckeye Partners is a publicly traded partnership that owns and operates an independent refined petroleum products pipeline system. It own 5,400 miles of pipeline and owns 69 liquid petroleum products terminals with aggregate storage capacity of 53 million bbl. In addition, Buckeye operates 2,600 miles of pipeline for major oil and chemical companies.

BP is selling assets to help pay for the Gulf of Mexico oil spill, which resulted from the Macondo well blowout in 5,000 ft of water off Louisiana in April 2010. An explosion and fire on Transocean Ltd.’s Deepwater Horizon killed 11 crew members.

Related Articles

Shell submits revisions to its 2015 Chukchi Sea exploration plan

08/29/2014 Shell Offshore Inc. submitted revisions to its previously approved Chukchi Sea exploration plan on Aug. 28, a spokesman for the company confirmed. ...

BLM announces California oil, gas strategy as CCST issues report

08/29/2014 The US Bureau of Land Management’s California state office announced a comprehensive strategy for its oil and gas program in the state after receiv...

California lawmakers pass in-state gas system methane emissions bill

08/28/2014 The California Senate passed a bill aimed at curbing methane emissions from intrastate natural gas pipelines and local distribution systems. SB 137...

CNRL files OSCA application with AER for Grouse oil sands project

08/27/2014 Canadian Natural Resources Ltd. has submitted an Oil Sands Conservation Act application with Alberta Energy Regulator for its Grouse steam-assisted...

Careers at TOTAL

Careers at TOTAL - Videos

More than 600 job openings are now online, watch videos and learn more!

 

Click Here to Watch

Other Oil & Gas Industry Jobs

Search More Job Listings >>
Stay Connected