Buckeye Partners LP (NYSE: BPL) has completed its $860 million purchase of an 80% interest in Buckeye Texas Partners LLC.
Buckeye Texas Partners LLC and its subsidiaries, which are owned jointly with Trafigura AG, will own and operate a vertically integrated system of midstream assets including a deepwater, high-volume marine terminal located on the Corpus Christi Ship Channel, a condensate splitter and LPG storage complex in Corpus Christi and three crude oil and condensate gathering facilities in the Eagle Ford shale play.
Trafigura will be a key customer of these assets under 7- to 10-year minimum volume throughput, storage, and tolling agreements.