EMMAUS, Pa. - Buckeye Partners LP said on March 18 that it has agreed to acquire 33 refined petroleum products terminals and about 1,000 miles of pipelines from BP for about $225 million.
The terminal and pipeline assets are spread across the midwestern, southeastern and western U.S.
Buckeye's proposed acquisition includes BP's 50 percent stake in Inland Corp, which represents $60 million of the purchase price and is subject to approval by Inland's other shareholders.
Buckeye expects the deal to close in the second quarter.
BP has been selling off assets aggressively to help pay for the Gulf oil spill. The British oil company expects to pay nearly $40 billion to handle the spill. In addition to suspending its dividend and selling bonds, the company has sold off nearly $22 billion in assets. It plans to shed up to $30 billion in company assets by the end of 2011.