May 07, 2012 [Reuters] - Construction on the tanks will be complete in the third quarter of 2013 and they are already leased.
Buckeye Partners said on Friday it will build 1.2 million barrels of new crude oil storage at its Borco facility in the Bahamas.
The new tanks are in addition to the 3.1 million barrels of light, refined product storage already under construction at the former oil refinery site Buckeye bought from private equity firm First Reserve in Q1 2011.
During its first quarter 2012 earnings call, Buckeye said that 100 percent of its 21.6-million-barrel tank farm at Borco was leased, with 65 percent on longer-term, three-year contracts.
Borco provides storage for crude oil, gasoline, middle distillates and residual fuel oil and services markets in the Americas, Europe and West Africa.
