Buckeye Partners (BPL) Completes $260 Million Acquisition of Liquid Petroleum Products Terminal

Buckeye Partners, L.P. ("Buckeye") (NYSE: BPL) has completed its purchase of a marine terminal facility for liquid petroleum products in New York Harbor from Chevron U.S.A. Inc. (NYSE: CVX) ("Chevron") for $260 million in cash. The facility sits on approximately 250 acres in Perth Amboy, New Jersey and is located only six miles from Buckeye's Linden, New Jersey complex. It features over four million barrels of storage, four docks on the Arthur Kill, and pipeline, rail, and truck access. The acquisition increases Buckeye's total liquid petroleum storage capacity by approximately 6% to over 68 million barrels. In addition, the facility has significant undeveloped land available for potential future expansion. Chevron will continue to be a key customer at the terminal under multi-year storage and throughput commitments.

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