Buckeye Partners has completed the sale of a package of domestic pipeline and storage terminal assets to a subsidiary of InstarAGF Asset Management for $450 million.
The assets include: a jet fuel pipeline from Port Everglades, Florida to the Ft. Lauderdale and Miami, Florida airports; pipelines and terminal facilities serving the Reno, Nevada; San Diego, California and Memphis, Tennessee airports; and refined petroleum products terminals in Sacramento and Stockton, California.
Buckeye Development & Logistics, a subsidiary of Buckeye, will continue to operate and maintain these assets for the buyer under a long-term contract.
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