Buckeye Partners, L.P. (BPL) announced that it has signed an agreement with ConocoPhillips (COP) to purchase three refined-product storage and distribution terminals and two refined-product pipelines and associated storage tanks in the Chicago and St. Louis areas.
Buckeye noted that this acquisition of assets will give greater access to important markets and refinery operations in the Midwest, and expects resulting improvement in asset utilization and identified organic growth projects to increase distributable income to its partnership unit holders.
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