The petroleum products pipelines include BP’s approximately 50% interest in Inland Corp.
The terminal and pipeline assets are located in the mid-western, southeastern, and western US, further extending Buckeye’s operations into new, key geographic markets.
Buckeye’s proposed acquisition of BP’s interest in Inland, which represents $60m of the total transaction purchase price, is subject to Inland’s other shareholders’ existing rights of first refusal.
Buckeye expects the acquisition to close in the second quarter of 2011, subject to regulatory approvals, other customary closing conditions, and, with respect to BP’s interest in Inland, the co-owners’ right of first refusal.
Buckeye chairman and CEO Forrest Wylie said that this acquisition provides stable tariff and fee-based revenue streams that are supported by multi-year throughput commitments by BP.
