Buckeye Partners, L.P. Announces Closing of Sale of Its Interests in Lodi Gas Storage, L.L.C.

HOUSTON, Jan. 2, 2015 (GLOBE NEWSWIRE) -- Buckeye Partners, L.P. ("Buckeye") (NYSE:BPL) announced today that as of December 31, 2014, it completed the sale of all of the outstanding limited liability company interests in Lodi Gas Storage, L.L.C. ("Lodi") to Brookfield Infrastructure and its institutional partners ("Brookfield") for approximately $105 million. Lodi owns a natural gas storage facility in Northern California.

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 and more than 120 liquid petroleum products terminals with aggregate storage capacity of over 110 million barrels across our portfolio of pipelines, inland terminals and an integrated network of marine terminals located primarily in the East Coast and Gulf Coast regions of the United States and in the Caribbean. Buckeye has a controlling interest in a company with a vertically integrated system of marine midstream assets in Corpus Christi, Texas and the Eagle Ford Shale. Buckeye's flagship marine terminal, BORCO, is in The Bahamas and is one of the largest marine crude oil and 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 network of marine terminals enables it to facilitate global flows of crude oil, refined petroleum products, and other commodities, and to offer its customers connectivity to some of the world's most important bulk storage and blending hubs. Buckeye is also a wholesale distributor of refined petroleum products in areas served by its pipelines and terminals. Finally, Buckeye also operates or maintains third-party pipelines under agreements with major oil and gas, petrochemical and chemical companies, and performs certain engineering and construction management services for third parties. More information concerning Buckeye can be found at www.buckeye.com.

CONTACT: Kevin J. Goodwin Vice President and Treasurer irelations@buckeye.com (800) 422-2825Source:Buckeye Partners, L.P.