Buckeye Partners, L.P. has signed a definitive agreement with Hess Corporation and its subsidiaries to acquire 20 liquid petroleum products terminals with total storage capacity of 39 million barrels for $850 million.
The 19 domestic terminals are located primarily in major metropolitan locations along the East Coast and have 29 million barrels of refined petroleum products storage capacity, including 15 million barrels of capacity in New York Harbor. The terminal on St. Lucia in the Caribbean has 10 million barrels of crude oil and refined petroleum products storage capacity and has deepwater access.
The acquisition expands Buckeye’s footprint into several high-growth markets in the Southeast, including Florida. The St. Lucia terminal improves its capabilities in the Caribbean storage market with more geographically diverse service offerings to accommodate a larger portion of the growing Latin American crude oil production volumes.