Reuters: Buckeye to buy Shell US Midwest assets for $530 million
Thu Jul 1, 2004 09:26 AM ET
NEW YORK, July 1 (Reuters) – Buckeye Partners L.P. a refined oil-products pipeline company, on Thursday said it agreed to buy a package of pipelines and terminals in the U.S. midcontinent from Royal Dutch/Shell Group for $530 million in cash.
Buckeye, which is based in Emmaus, Pennsylvania, said it will gain five major pipelines that distribute gasoline and other oil products from a St. Louis-area hub, where Shell once owned a refinery.
Anglo-Dutch Shell, the world’s third-largest oil company, is selling its 309-mile North Line System, the 355-mile East Line System, a 191-mile Two Rivers Pipeline and two shorter lines, the St Louis 6-Inch Pipeline and the ATF Pipeline.