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BP sells downstream assets to Buckeye

Hydrocarbon Engineering,

Buckeye Partners LP agreed on 18 March to buy 33 refined petroleum products terminals and approximately 1000 miles of pipelines from BP. The deal is estimated to be worth US$ 225 million. The terminal and pipeline assets are located across Midwestern, Southeastern and Western USA.

BP has been selling off assets to help alleviate the financial impact of the Gulf oil spill in 2010. The British oil company expects to pay nearly US$ 40 billion in order to clean up and handle the spill. As well as suspending its dividend and selling bonds, the company has sold off nearly US$ 22 billion in assets, and plans to shed a further US$ 8 billion by the end of 2011.

BP has also said that it plans to restart its gasoline making fluid cracking unit 1 after a turnaround at its 437 080 bpd refinery in Texas City, Texas. The unit has been shut since March 11 due to a malfunction, while the start up is expected to last from March 21 until March 25.

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