HOUSTON, Aug. 31, 2016 (GLOBE NEWSWIRE) -- Buckeye Partners, L.P. (“Buckeye”) announced today that one of its operating subsidiaries, Buckeye Pipe Line Company, L.P. (“Buckeye Pipe Line”), launched a binding open season to solicit commitments 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. This phase of the Project is in addition to the first phase, which offered expanded transportation services from Midwestern origin points to destination points as far east as the Pittsburgh area.
Shippers electing to make long-term volume commitments to the second phase of the Project during the open season will be eligible to receive firm service for their committed volumes. The binding open season will commence on August 31, 2016 and is scheduled to conclude at 5:00 p.m. Central Time on October 14, 2016.
For more information about the open season, please sign and return a copy of the necessary confidentiality agreement at Project Agreement to T.J. Zeth, Sr. Manager of Pipeline Marketing, at tzeth@buckeye.com . To view a map of the Project, select Project Map . All media inquiries should be directed to Kevin Goodwin, Vice President and Treasurer, at irelations@buckeye.com (800-422-2825). All project construction inquiries should be directed to Jordan Nicholson, Sr. Project Manager, at jnicholson@buckeye.com .
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 its 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 Limited, formerly known as BORCO, 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 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 and other security risks, including cyber risk, adverse weather conditions, including hurricanes, environmental releases, and natural disasters, (iii) changes in the marketplace for our products or services, such as increased competition, changes in product flows, 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, terminalling, storage, and processing 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 liquid 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 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, 2015 and our most recent Quarterly Report on Form 10-Q for the quarter ended June 30, 2016, 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 irelations@buckeye.com (800) 422-2825
