BP sells storage and pipeline assets

18th Mar 2011 16:18

Buckeye Partners is paying BP $225m for fuel storage and pipeline assets plus the oil giant's 50% stake in its Inland Corporation pipeline joint venture in Ohio. The assets include 33 refined products terminals and 992 miles of pipelines in the US. Inland owns 350 miles of active pipeline and 259 miles of out of service pipeline.The transaction, which is subject to regulatory approval, is expected to be completed durign the second quarter of 2011. BP intends to continue to market its fuels through the terminals.