Buckeye completes LA terminal acquisition
Nov 17, 2010 11:43 AM
Buckeye Partners LP has completed the purchase of a refined petroleum products terminal in Opelousas LA from Chevron USA Inc. This niche terminal connected to Colonial Pipeline currently supplies central Louisiana with branded gasoline, diesel, and ethanol. Additionally, as a long-term participant in this market, Chevron has made a multi-year commitment to maintain its historic product volumes at the terminal.
“This acquisition furthers our geographical diversification efforts and enables us to participate in a growth market outside our existing system footprint,” said Clark C Smith, president and chief operating officer of Buckeye’s general partner. “We believe this acquisition will create additional synergies between our Terminaling & Storage business segment and our Development & Logistics business segment, which currently operates or maintains approximately 2,400 miles of pipeline in the Gulf Coast region. Furthermore, we have already seen substantial industry interest in a potential expansion of the terminal that would accommodate the needed supply in the Alexandria LA to Lafayette LA corridor.”
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