May 17, 2011 [Reuters] - Buckeye Partners L.P. said its plans to buy refined petroleum products terminals and pipelines from BP's North American unit will not include BP's stake in Inland Corp, valued at $60 million.
Buckeye said it will now acquire 33 refined petroleum products terminals and about 650 miles of refined petroleum products pipelines for a total of $165 million.
Buckeye had originally planned to buy the terminals and 1,000 miles of pipelines across Midwestern, Southeastern and Western United States for about $225 million.
BP has a 50 percent stake in Inland, which owns about 350 miles of refined products pipeline running across Ohio.
None of Inland’s shares were available for Buckeye to buy after other shareholders exercised their right of first refusal.
