Buckeye purchased 100 percent of the pipeline and a terminal in Bangor, Maine. Buckeye also purchased a terminal in Portland, Maine through a 50/50 joint venture with Irving Oil Terminals Inc. that will be operated by Buckeye’s Development & Logistics Group (“BDL”).

The Portland terminal is a marine terminal with approximately 725,000 barrels of storage capacity. The Bangor terminal has approximately 140,000 barrels of storage capacity.

“This acquisition is another example of our efforts to diversify into new geographic regions and to increase our marine terminals presence,” said Forrest E. Wylie, Buckeye’s Chairman and CEO.  “As an independent owner and operator, Buckeye will seek to commercialize these assets by contracting with third party customers to drive incremental revenue. This transaction is supported by long-term commitments and is expected to be immediately accretive to Buckeye. Additionally, the Portland terminal further extends the reach of BDL’s operational footprint as well as advances our strategy to increase the breadth of assets under BDL operatorship beyond pipelines.”