Buckeye Partners News

05 Nov 2018

IFM, Vitol and VIP Take Joint Ownership of Vitol Tank Terminals International

Image: IFM Investors, VTTI B.V.

Vitol Investment Partnership(VIP), an investment vehicle sponsored and managed by Vitol, and IFM Investors, a global provider of investment services to institutional investors,  have agreed to acquire Buckeye Partners LP’s 50% equity interest in Vitol Tank Terminals International  (VTTI), a leading global independent provider of energy storage.On completion, VTTI will be owned 50% by IFM and 50% by Vitol and VIP. It will continue to be managed by an independent management team led by Rob Nijst…

01 May 2018

Buckeye Partners JV Announces Marine Terminal in Texas

Photo: Buckeye Partners, L.P

Buckeye Partners announced the formation of a joint venture with Phillips 66 Partners and Andeavor to develop a new deep-water, open access marine terminal in Ingleside, Texas. The South Texas Gateway Terminal will be constructed on a 212 acre waterfront parcel at the mouth of Corpus Christi Bay. The facility is positioned to serve as the primary outlet for crude oil and condensate volumes delivered off of the planned Gray Oak pipeline from the Permian Basin. The terminal, to be constructed and operated by Buckeye…

06 Apr 2018

Buckeye, Trafigura Load Suezmax Tanker in U.S. Port

File Image: A VLCC alongside in the port of Corpus Christi, Texas (CREDIT: port of Corpus Christi)

U.S. midstream oil firm Buckeye Partners and commodities trader Trafigura said on Thursday that modifications to their terminal in Texas to accommodate large tankers were completed and the first shipment of crude on a Suezmax tanker took place. The Buckeye Texas Hub terminal located in Corpus Christi shipping channel is 80 percent owned and operated by Buckeye while Trafigura holds a 20 percent stake. "North American supplies have launched the U.S. on to the world stage as a new crude provider.

28 Sep 2017

Fuel Imports, Distribution in Puerto Rico Starts to Unclog

Shipments of gasoline and diesel into Puerto Rico have resumed after Hurricane Maria, with ports restarting operations, though there were still long fuel lines around the island on Thursday, according to traders and Thomson Reuters tracking data. Residents lined up for diesel for power generators and to fill cars with gasoline, while at least one tanker discharged at the port of San Juan as oil terminals reopened some facilities. The territory still faces logistical hurdles to distribute food, fuel and water. Critics called for more resources and a single authority to oversee relief efforts. Most of the Caribbean island's 3.4 million people still lacked electricity. Gasoline stations have been unable to remain open for more than a few hours at a time, the U.S.

20 Sep 2017

Dominican Republic Shuts Most Ports ahead of Hurricane Maria

© claudio968 / Adobe Stock

Dominican Republic closed most of its ports ahead of Hurricane Maria, but the country's 34,000-barrel-per-day refinery was still running, the government said on Wednesday. Ports that suspended operations under the "red alert" declared for extreme weather conditions are La Romana, Samana, Arroyo Barril, Puerto Plata and Manzanillo, the Dominican Port Authority said in a statement. Maria was a Category 4 hurricane when it hit Puerto Rico earlier on Wednesday. The ports of San Souci and Haina…

19 Sep 2017

Caribbean Oil Terminals Prepare for Hurricane Maria

© Alexandre Rosa / Adobe Stock

Several Caribbean oil storage terminals that temporarily closed ahead of Hurricane Irma earlier this month have started making preparations in case they have to shut again due to Hurricane Maria, which was a rare Category 5 storm on Tuesday. Shippers and traders in the Atlantic basin are struggling amid this year's very active storm season, which has seen seven hurricanes so far, four of them major hurricanes, defined as at least a Category 3 on the five-step Saffir-Simpson scale. Hurricane Harvey hit the U.S.

07 Sep 2017

Statoil's Bahamas Oil Terminal to Shut ahead of Irma

File photo: Statoil

Norway's state-run oil company Statoil began making preparations on Thursday to shut its South Riding Point storage and transshipment terminal in the Bahamas ahead of Hurricane Irma, traders close to the facility told Reuters.   South Riding Point in Grand Bahama has the capacity to store up to 6.75 million barrels of oil.   A neighboring terminal in the Bahamas, Buckeye Partners' BORCO, was also expected to halt all operations on Thursday, the company said. (Reporting by Marianna Parraga)

07 Sep 2017

Irma forces Bahamas Borco Terminal to Close

Buckeye Partners LP's Bahamas terminal, also known as Borco, has been closed for vessel traffic and will shut all operations by the end of the day due to Hurricane Irma, a source familiar with operations said on Thursday.   That terminal, located in Freeport, on Grand Bahama Island, has more than 26 million barrels of storage capacity for crude, fuel oil, gasoline and other products.   Hurricane Irma has already killed several people after hammering the Caribbean as a category 5 storm, with winds up to 180 mph (285 km/h). It was most recently located off the northern coast of Dominican Republic, about 760 miles (1220 km) southeast of Freeport, according to the National Weather Service.   Reporting By Jessica Resnick Ault

02 Aug 2017

The Evolving ATB Jones Act Business Model

ATB Corpus Christi/Petrochem Supplier (Image Credit: US Shipping Corp)

Today’s ATB play seemingly has legs for the long haul, as operators build and market needs fluctuate. The refined product trades are always in flux. Similarly, the supply patterns for products (and for chemicals derived from oil refining) are subject to constant change. At the same time, the distribution of refined petroleum products sees great benefit from the efficiency of Articulated Tug Barges (ATBs), which have the flexibility to adjust to dynamic supply programs between refineries and myriad distribution facilities dotting the coastline. It wasn’t always like that.

02 Jun 2017

PA Pipeline Spat Could Upend International Oil Flows

File Image (CREDIT: AdobeStock / (c) Sharrif Che'Lah)

Refiners from the Midwest United States are fighting for access to a vital Pennsylvania pipeline – a move that could cripple their East Coast competitors and redraw the map for international flows of crude and fuel into coveted coastal markets. The regulatory dispute centers on a proposal by pipeline operator Buckeye Partners’ to that state's Public Utilities Commission. The plan would reverse the flow of fuels on a section of Buckeye’s 350-mile Laurel Pipeline, which currently flows from the East Coast to Pittsburgh.

06 Oct 2016

Hurricane Matthew Strengthens as it Heads for US

Image: National Hurricane Center

Hurricane Matthew, the fiercest Caribbean storm in nearly a decade, strengthened as it barreled toward the southeastern United States on Thursday after killing at least 140 people, mostly in Haiti, on its deadly northward march. As Matthew blew through the northwestern Bahamas on Thursday en route to Florida's Atlantic coast, it became an "extremely dangerous" hurricane carrying winds of 140 miles per hour (220 kph), the U.S. National Hurricane Center said. That made it a Category 4 hurricane and it was likely to remain so as it approached the United States…

01 Sep 2015

Traders Scramble for Caribbean Crude Storage

Demand for crude storage in the Caribbean, one of the world's most important oil hubs, is rising as producers and traders try to ride out the worst price crash in six years by holding onto more barrels or making blends that can be sold for premiums. The last time tanks in the logistically-important islands were this full, during the price collapse of 2009, companies started leasing vessels to use as floating storage. That is not yet happening now, but the only way to get tank space at the moment is to sublease it, said one tank broker with decades of experience. Since June, his firm alone has received requests to lease up to 7.5 million barrels of tankage in a region with some 100 million barrels of capacity.

17 Sep 2014

Buckeye Pipeline Quietly Makes Key Acquisition

Houston-based logistic firm Buckeye Partners has spent more than $3.5 billion buying assets since 2010, transforming itself from a quiet regional pipeline utility into an emerging energy powerhouse. But the acquisition that may best symbolize its evolution is one the company didn't tout to investors this summer: a Washington lobbyist. After spending most of the past century pumping fuel from one place to another, the 128-year-old company has become a key player in the import and export of North American oil, with an unrivalled network of East Coast and Caribbean fuel depots and an expanding business loading crude oil from trains to tankers.

03 Sep 2014

Buckeye Buys Trafigura's Texas Assets

Oil logistics specialist Buckeye Partners LP will pay $860 million for control of Trafigura's prized oil facilities in the Texas shale hub amid expectations Washington will relax its crude oil export ban. U.S. firm Buckeye will buy 80 percent of the global commodities trader's South Stream assets which include a deep-water tanker loading terminal in Corpus Christi, 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 center 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.

20 Aug 2014

Refiners Seek Jones Act Workarounds as Crude Export Debate Heats Up

Photo: PBF Energy

As the first U.S. oil condensate exports head to Asia from the Gulf Coast, crude producers and refiners are exploring ways to get around a century-old law that makes it three times more expensive to ship by water between U.S. ports than to sail to a foreign port. The Jones Act, originally passed to protect the U.S. maritime industry, restricts passage between U.S. ports to ships that are U.S.-built, U.S.-flagged and U.S.-crewed. If oil exports pick up pace while the Jones Act is left in place, U.S.

22 May 2014

Marathon Traders Gain E.Coast foothold with Hess Deal

Marathon Petroleum Corp is poised to expand its growing Midwest and Gulf Coast fuel trading operation to the East Coast with Thursday's deal to buy Hess Corp's retail network and transport contracts. The purchase will give Marathon control of Hess's gasoline stations and access to pipelines, including the capacity to ship approximately 40,000 barrels per day on the sought-after Colonial Pipeline from the Gulf Coast to the East Coast, according to the companies. The $2.9 billion deal is expected to close late in the third quarter. That likely means opening up new trading opportunities. Marathon's nearest refinery is nearly 500 miles east of New York City in Canton, Ohio, with few major pipelines in between.

10 Oct 2013

Buckeye to Acquire Liquid Petroleum Terminals From Hess

Buckeye Partners, L.P. signed a definitive agreement with Hess Corporation and its subsidiaries to acquire 20 liquid petroleum products terminals with total storage capacity of approximately 39 million barrels for $850 million. The 19 domestic terminals are located primarily in major metropolitan locations along the U.S. East Coast and have approximately 29 million barrels of refined petroleum products storage capacity, including approximately 15 million barrels of capacity strategically located in New York Harbor. The terminal on St. Lucia in the Caribbean has approximately 10 million barrels of crude oil and refined petroleum products storage capacity and has deep-water access.

11 Oct 2012

New Terminal to Provide US Port of Albany Crude Oil Storage

Buckeye Partners, sign a multi-year agreement with an Irving Oil subsidiary for multi-million barrel storage facility in Port of Albany on the Hudson River. The approximately 1.8-million barrel storage facility located within the Port of Albany along the Hudson River is expected to begin handling crude oil on November 1, 2012. Buckeye plans to make modifications to the Albany terminal that, once completed, will allow the terminal to handle both crude oil and ethanol unit-trains with a total capacity in excess of 135,000 barrels per day. "Rail transport has become a critical component of the logistics chain as domestic crude oil production has increased significantly," said Clark C. Smith, Buckeye's President and Chief Executive Officer.

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