Buckeye Partners LP (Buckeye) completed its purchase of a marine terminal facility for liquid petroleum products from Chevron USA Inc. (Chevron) for $260 million in cash, increasing its storage capacity by 6%, the company announced July 26.
The facility is located in New York Harbor and features over four million barrels of storage, four docks on the Arthur Kill, and pipeline, rail, and truck access. The company announced that Chevron will continue to be a key customer at the terminal under multi-year storage and throughput commitments.
Buckeye expects to link its domestic pipeline and terminal network to the marine facility through a new pipeline, which will be built to its Linden, New Jersey complex.
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