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Buckeye to sell terminal and pipeline assets following strategic review

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Hydrocarbon Engineering,

Buckeye Partners LP has announced that as a result of its strategic review it is selling its terminal assets.

Buckeye will execute a definitive agreement to sell a package of non-integrated domestic pipeline and terminal assets for cash proceeds of US$450 million.

The assets include: a jet fuel pipeline from Port Everglades, Florida, US to the Ft. Lauderdale and Miami, Florida airports; pipelines and terminal facilities serving the Reno, Nevada; San Diego, California and Memphis, Tennessee, all US, airports; and refined petroleum products terminals in Sacramento and Stockton, California, US.

The sale of both Buckeye’s VTTI equity interest and the asset package are expected to close by year end, subject to customary closing conditions including regulatory approvals.

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Downstream news North America downstream news