Buckeye Partners, L.P. (NYSE:BPL) reports it has acquired two petroleum products terminals and a pipeline.
The press release is quoted as saying,
Buckeye purchased 100 percent of the pipeline and a terminal in Bangor, Maine. Buckeye also purchased a terminal in Portland, Maine through a 50/50 joint venture with Irving Oil Terminals Inc. that will be operated by Buckeye’s Development & Logistics group (“BDL”). The Portland terminal is a marine terminal with approximately 725,000 barrels of storage capacity. The Bangor terminal has approximately 140,000 barrels of storage capacity.
Buckeye’s Chairman and CEO, Forrest E. Wylie says,
As an independent owner and operator, Buckeye will seek to commercialize these assets by contracting with third party customers to drive incremental revenue. This transaction is supported by long-term commitments and is expected to be immediately accretive to Buckeye.