Buckeye Partners agreed to acquire an 80% stake in a Corpus Christi, Texas, terminal complex and associated Eagle Ford assets for $860 million. Buckeye and Trafigura AG will jointly own the facilities, which include a deepwater marine terminal on the Corpus Christi Ship Channel and a condensate splitter and an LPG storage complex in Corpus Christi. The deal also includes three crude oil and condensate gathering facilities in the Eagle Ford shale.
Buckeye said the Corpus Christi facilities have five vessel berths, including three deepwater docks. The complex will offer 5.6 million barrels of liquid petroleum products storage upon completion of an initial development phase. The 50-000-barrels-per-day condensate splitter is under construction and is expected to be complete by mid-2015.
“This transaction allows Buckeye to acquire and further develop a midstream platform in the Gulf Coast with long-term committed revenues and significant potential for further growth,” said Buckeye CEO Clark C. Smith.
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