Buckeye Partners, LP has announced that the IFM Global Infrastructure Fund (IFM GIF) has contributed its 57.6% equity interest in Freeport LNG Development, LP’s second liquefaction train (Train 2) into Buckeye. On 17 January 2020, Freeport LNG announced that Train 2 had successfully begun commercial operations with the commencement of gas deliveries from BP under its 20 year tolling agreement.
“The contribution of IFM GIF’s equity interest in Train 2 is the first step in a broader diversification strategy for Buckeye and further demonstrates IFM’s support of and commitment to Buckeye,” said Clark C. Smith, President and CEO of Buckeye. “The Train 2 equity interest will meaningfully increase our cashflows as well as decrease leverage. We also would like to congratulate the Freeport LNG team for the successful start-up of Train 2 and commencement of commercial operations.”