Buckeye Partners, L.P. announced that it has completed its purchase of 20 liquid petroleum products terminals with total storage capacity of approximately 39 million barrels for $850 million from Hess Corporation ("Hess"). The 19 domestic terminals are located primarily in major metropolitan locations along the U.S. East Coast and have approximately 29 million barrels of refined petroleum products storage capacity, including approximately 15 million barrels of capacity strategically located in New York Harbor. The terminal on St. Lucia in the Caribbean has approximately 10 million barrels of crude oil and refined petroleum products storage capacity and has deep-water access. This acquisition increases Buckeye's total liquid petroleum storage capacity by approximately 53 percent to over 110 million barrels. Hess' Retail Marketing Business will be a key customer at these facilities under a multi-year storage and throughput commitment.
Buckeye Partners is a holding company. Through its subsidiaries, Co. operates in five business segments, including: Pipelines & Terminals, which operates pipeline located primarily in the northeastern and upper midwestern portions of the U.S.; International Operations, which provides marine bulk storage and marine terminal throughput services; Natural Gas Storage, which provides natural gas storage services at a natural gas storage facility in Northern California; Energy Services, which is a wholesale distributor of refined petroleum products in the Northeastern and Midwestern U.S.; and Development & Logistics, which consists primarily of its contract operations of third-party pipelines.
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