Buckeye Partners, L.P. Announces Successful Open Season for Second Phase of Michigan/Ohio Pipeline Expansion Project
October 21 2016 - 6:30AM
Buckeye Partners, L.P. (“Buckeye”) (NYSE:BPL) announced today that
one of its operating subsidiaries, Buckeye Pipe Line Company, L.P.
(“Buckeye Pipe Line”), has successfully closed a binding open
season for the second phase of its Michigan/Ohio Pipeline Expansion
Project (the “Project”). Once complete, the second phase of
the Project will allow Buckeye to offer expanded transportation
service of refined petroleum products from origin points in
Woodhaven and Detroit, Michigan, Toledo, Findlay and Lima, Ohio,
and Midland, Pennsylvania to a destination point in the Altoona
area in central Pennsylvania. Buckeye intends to reverse a
portion of its existing Laurel pipeline to facilitate the
transportation of refined petroleum products from Pittsburgh to
central Pennsylvania. The open season closed October 18,
2016.
Based on the positive commitment from
prospective shippers, Buckeye Pipe Line will move forward with the
Project, subject to the necessary approvals required for
implementation. The Project is expected to be completed
before the end of 2018.
“This project demonstrates Buckeye’s ability and willingness to
meet the needs of our customers,” said Robert A. Malecky,
President, Domestic Pipeline and Terminals. “Evolving market
conditions across the region continue to support the movement of
Midwest products into central Pennsylvania. Building on the
recent successful completion of the first phase of our
Michigan/Ohio Pipeline Expansion Project, this second phase further
expands our pipeline capacity across Michigan and Ohio and provides
pipeline connectivity into markets in central Pennsylvania through
our existing pipeline infrastructure. We are committed to
addressing the region’s shifting supply and demand needs while
providing safe and reliable transportation of
fuels.”
About Buckeye Partners,
L.P.
Buckeye Partners, L.P. (NYSE:BPL) is a publicly
traded master limited partnership and owns and operates a
diversified network of integrated assets providing midstream
logistic solutions, primarily consisting of the transportation,
storage, and marketing of liquid petroleum products. Buckeye
is one of the largest independent liquid petroleum products
pipeline operators in the United States in terms of volumes
delivered, with approximately 6,000 miles of pipeline.
Buckeye also uses its service expertise to operate and/or maintain
third-party pipelines and perform certain engineering and
construction services for its customers. Additionally,
Buckeye is one of the largest independent terminalling and storage
operators in the United States in terms of capacity available for
service. Buckeye’s terminal network comprises more than 120
liquid petroleum products terminals with aggregate storage capacity
of over 110 million barrels across our portfolio of pipelines,
inland terminals and marine terminals located primarily in the East
Coast and Gulf Coast regions of the United States and in the
Caribbean. Buckeye’s network of marine terminals enables it
to facilitate global flows of crude oil and refined petroleum
products, offering its customers connectivity between supply areas
and market centers through some of the world’s most important bulk
storage and blending hubs. Buckeye’s flagship marine terminal
in The Bahamas, Buckeye Bahamas Hub, is one of the largest marine
crude oil and refined petroleum products storage facilities in the
world and provides an array of logistics and blending services for
the global flow of petroleum products. Buckeye’s recent
expansion into the Gulf Coast has added another regional hub with
world-class marine terminalling, storage and processing
capabilities. Buckeye is also a wholesale distributor of
refined petroleum products in areas served by its pipelines and
terminals. More information concerning Buckeye can be found
at www.buckeye.com.
This press release includes forward-looking
statements that we believe to be reasonable as of today’s
date. Such statements are identified by use of the words
“anticipates,” “believes,” “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 our control. Among them are (i) changes in
federal, state, local, and foreign laws or regulations to which we
are subject, including those governing pipeline tariff rates and
those that permit the treatment of us as a partnership for federal
income tax purposes, (ii) terrorism, adverse weather
conditions, including hurricanes, environmental releases, and
natural disasters, (iii) changes in the marketplace for our
products or services, such as increased competition, better energy
efficiency, or general reductions in demand, (iv) adverse
regional, national, or international economic conditions, adverse
capital market conditions, and adverse political developments,
(v) shutdowns or interruptions at our pipeline, terminal, and
storage assets or at the source points for the products we
transport, store, or sell, (vi) unanticipated capital
expenditures in connection with the construction, repair, or
replacement of our assets, (vii) volatility in the price of
refined petroleum products, (viii) nonpayment or
nonperformance by our customers, (ix) our ability to integrate
acquired assets with our existing assets and to realize anticipated
cost savings and other efficiencies and benefits, and (x) our
ability to successfully complete the Project as well as our other
organic growth projects and to realize the anticipated financial
benefits. You should read our filings with the U.S.
Securities and Exchange Commission, including our Annual Report on
Form 10-K for the year ended December 31, 2015, 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.
Contact: Kevin J. Goodwin
Vice President & Treasurer
irelations@buckeye.com
(800) 422-2825
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