Buckeye Partners, L.P. Announces Agreement to Acquire Liquid Petroleum Products Terminal in New York Harbor for $260M

Buckeye Partners, L.P.

announced today that its subsidiary, Buckeye Tank Terminals LLC, has signed a definitive agreement with Chevron U.S.A. Inc. to acquire a marine terminal facility for liquid petroleum products in New York Harbor for $260 million in cash. The facility, which sits on approximately 250 acres on the Arthur Kill in Perth Amboy, NJ, has over four million barrels of tankage, four docks, and significant undeveloped land available for potential expansion. The facility has water, pipeline, rail, and truck access, and is located only six miles from Buckeye's Linden, NJ complex. The acquisition, which is subject to certain closing conditions, is expected to close in the latter half of the second quarter of 2012. "This is a milestone acquisition for Buckeye that is integral to our vision and strategy for positioning Buckeye for long-term success," said Clark C. Smith, Buckeye's President and Chief Executive Officer. "We believe that adding the Perth Amboy facility to our existing portfolio of assets will unlock significant long-term value across the Buckeye enterprise."