October 12, 2012 [Buckeye Partners, L.P.] - Buckeye Partners, L.P. announced on October 11th that it has reached a multi-year agreement with a subsidiary of Irving Oil Limited to provide crude oil services at its terminal located in Albany, New York, including off-loading unit-trains, storage, and throughput.
The approximately 1.8 million barrel storage facility located within the Port of Albany along the Hudson River is expected to begin handling crude oil on November 1, 2012. Buckeye plans to make modifications to the Albany terminal that, once completed, will allow the terminal to handle both crude oil and ethanol unit-trains with a total capacity in excess of 135,000 barrels per day.
“Rail transport has become a critical component of the logistics chain as domestic crude oil production has increased significantly,” said Clark C. Smith, Buckeye’s President and Chief Executive Officer.
“The addition of crude oil services at our Albany terminal is part of our strategy to increase and improve the utilization of our existing assets. We are excited to continue to develop these kinds of opportunities with a strategic partner such as Irving Oil.”
