December 10, 2010 [Buckeye Partners, L.P.] - Buckeye Partners, L.P. (“Buckeye”) confirmed today that it has completed the acquisition of a refined petroleum products terminal on the southeast coast of Puerto Rico from an affiliate of Royal Dutch Shell plc (“Shell”). Shell has made a multi-year commitment to remain a key customer at the terminal.
The terminal, located in Yabucoa, Puerto Rico, includes 44 storage tanks with approximately 4.6 million barrels of gasoline, jet fuel, diesel, fuel oil, and crude storage capacity. This acquisition brings Buckeye’s total system-wide storage capacity to over 30 million barrels.“As Buckeye’s first acquisition outside the continental United States, this transaction represents an important step in Buckeye’s growth objectives. It provides geographic diversity with strong local demand and potential regional growth opportunities,” said Forrest E. Wylie, Chairman and CEO of Buckeye’s general partner. “While this acquisition is expected to immediately increase distributable cash flow, we will look to continue to optimize the terminal under our best practices model.”
