January 14, 2011 [Buckeye Partners, L.P.] - Buckeye Partners, L.P. announced today that Vopak Bahamas B.V. has exercised its right to sell its 20% interest in FR Borco Coop Holdings, L.P., the indirect owner of Bahamas Oil Refining Company International Limited ("BORCO"), to Buckeye.
The sale will be at the same proportionate price and on the same terms and conditions as those on which Buckeye has agreed to purchase an 80% indirect interest in FRBCH from affiliates of FRC Founders Corporation (“First Reserve”), including the same form of consideration (cash and equity). Buckeye expects the acquisition of Vopak’s interest to close as promptly as definitive documentation can be executed and the closing conditions can be satisfied.
Buckeye is a publicly traded partnership that owns and operates one of the largest independent refined petroleum products pipeline systems in the United States in terms of volumes delivered, with approximately 5,400 miles of pipeline. Buckeye also owns 69 refined petroleum products terminals, operates and maintains approximately 2,400 miles of pipeline under agreements with major oil and chemical companies, owns a major natural gas storage facility in northern California, and markets refined petroleum products in certain of the geographic areas served by its pipeline and terminal operations.
