Published: August 28, 2008
Buckeye Partners, L.P. Completes Purchase of Albany Terminal
BREINIGSVILLE, Pa., Aug. 28 /PRNewswire-FirstCall/ -- Buckeye Partners,
L.P. (NYSE: BPL) (the "Partnership") today announced that its subsidiary,
Buckeye Albany Terminal LLC, completed the acquisition of an ethanol and
petroleum products distribution terminal located inAlbany, New York from
LogiBio Albany Terminal, LLC, an affiliate of U.S. Oil Co., Inc. and LogiBio,
LLC, for cash consideration of approximately $46.5 million. Additional
consideration of $1.5 million will be due to the seller if the terminal's
operations meet certain performance goals over the next three years. The
Albany terminal has an active storage capacity of 1.8 million barrels, two
deep-water docks, and ethanol unit train offloading capability. The financial
results of the terminal will be reported in the Partnership's Terminalling and
Storage segment. The Partnership financed the purchase through the use of
existing credit facilities.
Forrest E. Wylie, Chairman and Chief Executive Officer of the
Partnership's general partner, stated, "TheAlbany terminal is a major ethanol
distribution hub in the northeasternUnited States. Ethanol arrives at the
terminal by rail car and is distributed from the terminal by barge and truck.
TheAlbany facility is a significant addition to our expanding network of
distribution terminals."
Buckeye Partners, L.P. (www.buckeye.com) is a publicly traded partnership
that owns and operates one of the largest independent refined petroleum
products pipeline systems in the United Status in terms of volumes delivered,
with approximately 5,400 miles of pipeline. Buckeye Partners, L.P. also owns
64 refined petroleum products terminals, operates and maintains approximately
2,200 miles of pipeline under agreements with major oil and chemical
companies, owns a major natural gas storage facility in northernCalifornia,
and markets refined petroleum products in certain of the geographic areas
served by its pipeline and terminal operations. The general partner of
Buckeye Partners, L.P. is owned by Buckeye GP Holdings L.P. (NYSE: BGH).
This press release includes forward-looking statements within the meaning
of Section 27A of the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934 that we believe to be reasonable as of today's date.
Such statements are identified by use of the words "anticipates", "estimates",
"expects", "intends", "plans", "predicts", "projects", "should", and similar
expressions. Actual results may differ significantly because of risks and
uncertainties that are difficult to predict and that may be beyond the control
of the Partnership. Among them are (1) changes in laws or regulations to
which we are subject, including those that permit the treatment of us as a
partnership for federal income tax purposes, (2) terrorism, adverse weather
conditions, environmental releases, and natural disasters, (3) changes in the
marketplace for our products or services, such as increased competition,
better energy efficiency, or general reductions in demand, (4) adverse
regional or national economic conditions or adverse capital market conditions,
(5) shutdowns or interruptions at the source points for the products we
transport, store, or sell, (6) unanticipated capital expenditures in
connection with the construction, repair, or replacement of our assets, and
(7) volatility in the price of refined petroleum products and the value of
natural gas storage services. You should read our Annual Report on Form 10-K
and our most recently filed Quarterly Report on Form 10-Q for a more extensive
list of factors that could affect results. We undertake no obligation to
revise our forward-looking statements to reflect events or circumstances
occurring after today's date.
SOURCE Buckeye Partners, L.P.
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