Buckeye Partners, L.P. Announces Open Season for Cross Town Pipeline Project
HOUSTON, March 19, 2015 (GLOBE NEWSWIRE) — Buckeye Partners, L.P. (“Buckeye”) (BPL) announced today that one of its operating subsidiaries, NORCO Pipe Line Company, LLC (“NORCO”), launched a binding open season to solicit commitments for its Cross Town Pipeline Project (the “Project”). Once complete, the Project will permit NORCO to offer transportation services of refined petroleum products from Buckeye’s Chicago Complex in Hammond, Indiana to various refined petroleum products terminals located in Argo and Des Plaines, Illinois. The Chicago Complex currently has access to West Shore, Badger, Marathon, Wolverine, Wood River and Explorer pipelines.
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 today, March 19, 2015 and is scheduled to conclude at 7:00 p.m. Eastern Time on April 30, 2015.
For more information about the open season, please sign and return a copy of the necessaryConfidentiality Agreement to Marc Davidson, Sr. Director of Pipeline Marketing, by email tomdavidson@buckeye.com. To view the project map, click here and to obtain the Cross Town Open Season Notice, click here.
About Buckeye Partners, L.P.
Buckeye Partners, L.P. (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 and the Eagle Ford Shale formation in Texas. Buckeye’s flagship marine terminal, BORCO, is in The Bahamas and 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 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.
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, (x) our inability to realize the expected benefits of the Buckeye Texas Partners transaction, 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, 2014, 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.
