Source: Buckeye Partners
Buckeye Partners (NYSE: BPL) has exercised its right to purchase an additional interest in West Shore Pipe Line Company, resulting from the sale of an ownership interest by an affiliate of BP plc.
Buckeye increased its ownership interest to 34.6 percent from 24.9 percent. Buckeye has paid approximately $13.4 million for the additional ownership interest.
West Shore is a 650-mile common carrier petroleum pipeline system that originates in the greater Chicago area and transports refined petroleum products to northern Illinois and Wisconsin including the Madison and Green Bay, WI metropolitan markets. Buckeye has been the operator of the West Shore system since January 2009.
“Buckeye was pleased with the opportunity to increase its investment in West Shore, having acquired an original ownership interest in 2001,” said Clark C. Smith, President and COO of Buckeye’s general partner. “The asset continues to perform well and provides solid, fee-based transportation services to market demand centers in northern Illinois and Wisconsin.”