HOUSTON, Oct. 21, 2016 (GLOBE NEWSWIRE) -- 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 email@example.com (800) 422-2825
Source:Buckeye Partners, L.P.