Buckeye enters propane storage sector

Buckeye Partners has completed the acquisition of two propane storage caverns in Huntingdon, Indiana, and Tuscola, Illinois, from BP North America. Between them the two sites offer some 922,000 bbl (150,000 m3) of storage capacity. BP will continue to be a long-term key customer for the capacity. “With these assets we enter the business of wholesale storage and throughput of liquefied petroleum gas, a complementary extension of our existing refined products businesses,” says Clark Smith, Buckeye’s presiden/CEO. “This acquisition is another example of our success in transitioning assets from major oil companies with plans to increase marketing efforts around the assets to drive utilisation.”