Buckeye Partners, L.P. (“Buckeye”) (NYSE: BPL) announced today that one of its operating subsidiaries, Buckeye Pipe Line Transportation LLC (“Buckeye Transportation”), has successfully closed a binding open season for its Michigan/Ohio Pipeline Expansion Project (the “Project”). Once complete, the Project will allow Buckeye Transportation to offer expanded transportation service of refined petroleum products from origin points in Michigan and Ohio to destination points in Ohio and Western Pennsylvania. The open season closed March 31, 2015.
Based on the positive commitment from prospective shippers, Buckeye Transportation will move forward with the Project, subject to the necessary approvals required for implementation. Prospective shippers will be notified by April 24, 2015 of their awarded commitments, with fully executed Transportation Services Agreements to follow later in the second quarter of 2015. Project completion is scheduled for the second half of 2016.