Buckeye Partners, L.P. Announces Start of Open Season for Line 602 Expansion
November 17 2017 - 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”), launched a binding open season to solicit
commitments for the transportation of distillate on an expansion of
its Line 602 (the “Project”), which transports refined petroleum
products from Linden, New Jersey to destination points in Inwood
and Long Island City, New York. Buckeye expects that the
Project will provide approximately 12,000 barrels per day of
distillate expansion capacity on or before April 1, 2018 with a
potential subsequent expansion increasing to 30,000 barrels per day
of capacity on or before December 1, 2019.
Distillate shippers electing to make long-term
volume commitments to the Project during the open season will be
eligible to receive firm service for their committed volumes.
The binding open season will commence on November 17, 2017, and is
scheduled to conclude at 5:00 p.m. Central Time on December 20,
2017.
For more information about the open season,
please contact Marc Davidson, Senior Director of Pipeline
Marketing, at mdavidson@buckeye.com or at 832-615-8628. A
detailed explanation of the key terms and conditions of service and
the initial form of the transportation services agreement will be
made available to interested customers upon the execution of the
necessary confidentiality agreement. All investor and media
inquiries should be directed to Kevin Goodwin, Vice President and
Treasurer, at irelations@buckeye.com (800-422-2825). All
project construction inquiries should be directed to David Pepe,
Sr. Director, at dpepe@buckeye.com.
About Buckeye Partners,
L.P.
Buckeye Partners, L.P. (NYSE:BPL) is a publicly
traded master limited partnership which owns and operates, or owns
a significant interest in, a diversified global network of
integrated assets providing midstream logistic solutions, primarily
consisting of the transportation, storage, processing 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. Buckeye’s global terminal network, including
through its interest in VTTI B.V. (“VTTI”), comprises more than 135
liquid petroleum products terminals with aggregate storage capacity
of over 173 million barrels across our portfolio of pipelines,
inland terminals and marine terminals located primarily in the East
Coast, Midwest and Gulf Coast regions of the United States as well
as in the Caribbean, Northwest Europe, the Middle East and
Southeast Asia. Buckeye’s global 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 liquid 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 Gulf Coast regional hub, Buckeye Texas
Partners, offers world-class marine terminalling, storage and
processing capabilities. Through its 50% equity interest in
VTTI, Buckeye’s global terminal network offers premier storage and
marine terminalling services for petroleum product logistics in key
international energy hubs. Buckeye is also a wholesale
distributor of refined petroleum products in certain 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 the forward-looking
statements set forth in this press release are statements regarding
our expectation of increasing quarterly distributions in the
future. These statements are subject to, among other risks,
(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 and
other security risks, including cyber risk, adverse weather
conditions, including hurricanes, environmental releases, and
natural disasters, (iii) changes in the marketplace for our
products or services, such as increased competition, changes in
product flows, 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, terminalling, storage, and processing 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 liquid 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, (x)
our ability to realize the expected benefits of our investment in
VTTI and (xi) our ability to successfully complete our 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, 2016, 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 except
as required by law.
Contact: |
Kevin J. GoodwinVice
President & Treasurerirelations@buckeye.com(800) 422-2825 |
|
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