Oil logistics specialist Buckeye Partners LP said it will pay $860 million for control of Trafigura's prized oil facilities in the Texas shale hub, while expectations rise that Washington will relax its ban on crude oil exports.U.S. firm Buckeye will purchase 80 percent of the global commodities trader's assets in its Corpus Christi complex, including a deep-water tanker-loading terminal, liquefied petroleum gas (LPG) storage and a small refining unit known as a condensate splitter.Trafigura will hold on to the remaining 20 percent in the Corpus Christi facility, described in Trafigura's 2013 annual report as "one of the company's most important strategic assets ... at the centre of the action in the world's largest, most dynamic, energy market".The deal comes at a time of increased pressure on the U.S. administration to lift a ban on crude oil exports imposed in the 1970s, a move that would allow overseas markets to tap into the country's huge shale resources.
Buckeye Partners, L.P. (Buckeye) is a master limited partnership. Shares of BPL traded higher by 1.8% or $1.42/share to $80.50. In the past year, the shares have traded as low as $62.00 and as high as $84.91. On average, 371139 shares of BPL exchange hands on a given day and today's volume is recorded at 229793.
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