Buckeye Partners, sign a multi-year agreement with an Irving Oil subsidiary for multi-million barrel storage facility in Port of Albany on the Hudson River.
The approximately 1.8-million barrel storage facility located within the Port of Albany along the Hudson River is expected to begin handling crude oil on November 1, 2012. Buckeye plans to make modifications to the Albany terminal that, once completed, will allow the terminal to handle both crude oil and ethanol unit-trains with a total capacity in excess of 135,000 barrels per day.
"Rail transport has become a critical component of the logistics chain as domestic crude oil production has increased significantly," said Clark C. Smith, Buckeye's President and Chief Executive Officer. "The addition of crude oil services at our Albany terminal is part of our strategy to increase and improve the utilization of our existing assets. We are excited to continue to develop these kinds of opportunities with a strategic partner such as Irving Oil."
Buckeye Partners, L.P. is a publicly traded master limited partnership that owns and operates one of the largest independent liquid petroleum products pipeline systems in the United States in terms of volumes delivered, with over 6,000 miles of pipeline.
Buckeye's flagship marine terminal in The Bahamas, BORCO, is one of the largest crude oil and petroleum products storage facilities in the world,