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Tuesday, September 2, 2014

Buckeye Partners to purchase midstream assets for $860 mln, (NYSE: BPL)

Buckeye Partners LP said it would pay $860 million for 80 percent of Trafigura AG's membership interests in certain midstream assets linking South Texas to the Gulf Coast. Buckeye Texas Partners will run a deep-water, high-volume marine terminal, a condensate splitter and LPG storage complex on the Corpus Christi Ship Channel, Buckeye said.Buckeye Texas Partners will also own three crude oil and condensate gathering facilities in the Eagle Ford shale, Buckeye said.Buckeye said it expected Buckeye Texas Partners to invest about $240-$270 million through the first quarter of 2016.

Buckeye Partners, L.P. (Buckeye) is a master limited partnership. Shares of BPL traded higher by 0.1% or $0.08/share to $79.08. In the past year, the shares have traded as low as $62.00 and as high as $84.91. On average, 368722 shares of BPL exchange hands on a given day and today's volume is recorded at 230965.