Buckeye buys Maine facilities

ExxonMobil has sold off two refined petroleum terminals in Maine, together with the pipeline that links the two sites. The larger facility, a 725,000-bbl (115,200 m3) marine terminal in Portland, has been acquired by Buckeye Partners and Irving Oil in a 50/50 joint venture; it will be operated by Buckeye’s Development & Logistics division (BDL). The 140,000-bbl (22,240 m3) Bangor site has been acquired by Buckeye, which has also bought the pipeline. The deal is supported by long-term contracts. “This acquisition is another example of our efforts to diversify into new geographic regions and to increase our marine terminals presence,” says Forrest E Wylie, Buckeye’s chairman/CEO. “The Portland terminal further extends the reach of BDL’s operational footprint as well as advances our strategy to increase the breadth of assets under BDL operatorship beyond pipelines.”