Little more than a year ago, global investment group IFM acquired Houston-based Buckeye Partners in an all-cash transaction with an enterprise value of $10.3 billion. Now a subsidiary of the Australian private equity firm, Buckeye has since kept its elbows greased to complete the $500 million South Texas Gateway Terminal project (STG) in a joint venture with Phillips 66 and Marathon. Upon completion in early 2021, the STG crude oil facility in Corpus Christi will have an expanded capacity to store 10 MMBbls and export up to 800,000 BPD from three deepwater docks.
Buckeye Partners, L.P. owns and operates a diversified global network of integrated assets providing midstream logistic solutions, primarily consisting of the transportation, storage, processing and marketing of liquid petroleum products.
But who says you have to wait for a ceremonious ribbon-cutting before loading the first vessel and waving farewell?
Not Buckeye. The company has announced its inaugural cargo load and departure from STG of 789,484 Bbls of Permian crude aboard the Aframax Minerva Libra, bound for Northwest Europe. This milestone represents the latest in a series of achievements over 150 years by Buckeye that today includes 6,000 miles of crude oil pipelines, 115 inland and marine terminals, and more than 118 million Bbls of storage capacity across its network in the Midwest, and along the East and Gulf coasts. The company’s flagship marine terminal hub in the Bahamas is among the largest in the world.
Since its early days as a refinery in Cleveland, Ohio, then-Buckeye Pipe Line Company has witnessed every dawn and twilight of the U.S. energy industry. In its infancy, the refinery first caught the eye of Standard Oil in 1886 when Standard was no more than John D. Rockefeller and two business partners with an eye on its first acquisition. At the time, kerosene was the dominant fuel used to illuminate and later heat homes, and Rockefeller had big plans in store for his company. And so, the story goes.
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