Buckeye Partners, L.P. (the "Partnership") today announced that its subsidiary, Buckeye Albany Terminal LLC, completed the acquisition of an ethanol and petroleum products distribution terminal located in Albany, New York from LogiBio Albany Terminal, LLC, an affiliate of U.S. Oil Co., Inc. and LogiBio, LLC, for 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. The financial results of the terminal will be reported in the Partnership's Terminalling and Storage segment. The Partnership financed the purchase through the use of existing credit facilities.
Forrest E. Wylie, Chairman and Chief Executive Officer of the Partnership's general partner, stated, "The Albany terminal is a major ethanol distribution hub in the northeastern United States. 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."
Buckeye Partners, L.P. (www.buckeye.com) is a publicly traded partnership that owns and operates one of the largest independent refined petroleum products pipeline systems in the United Status in terms of volumes delivered, with approximately 5,400 miles of pipeline. Buckeye Partners, L.P. also owns 64 refined petroleum products terminals, operates and maintains approximately 2,200 miles of pipeline under agreements with major oil and chemical companies, owns a major natural gas storage facility in northern California, and markets refined petroleum products in certain of the geographic areas served by its pipeline and terminal operations. The general partner of Buckeye Partners, L.P. is owned by Buckeye GP Holdings L.P.
Forrest E. Wylie, Chairman and Chief Executive Officer of the Partnership's general partner, stated, "The Albany terminal is a major ethanol distribution hub in the northeastern United States. 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."
Buckeye Partners, L.P. (www.buckeye.com) is a publicly traded partnership that owns and operates one of the largest independent refined petroleum products pipeline systems in the United Status in terms of volumes delivered, with approximately 5,400 miles of pipeline. Buckeye Partners, L.P. also owns 64 refined petroleum products terminals, operates and maintains approximately 2,200 miles of pipeline under agreements with major oil and chemical companies, owns a major natural gas storage facility in northern California, and markets refined petroleum products in certain of the geographic areas served by its pipeline and terminal operations. The general partner of Buckeye Partners, L.P. is owned by Buckeye GP Holdings L.P.