Market Overview

Buckeye's Albany, New York Terminal to Provide Crude Oil Services

Buckeye Partners, L.P. ("Buckeye") (NYSE: BPL) announced today that it has reached a multi-year agreement with a subsidiary of Irving Oil Limited ("Irving Oil") to provide crude oil services at its terminal located in Albany, New York, including off-loading unit-trains, storage, and throughput. The approximately 1.8 million barrel storage facility located within the Port of Albany along the Hudson River is expected to begin handling crude oil on November 1, 2012. Buckeye plans to make modifications to the Albany terminal that, once completed, will allow the terminal to handle both crude oil and ethanol unit-trains with a total capacity in excess of 135,000 barrels per day.

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