Buckeye Partners to buy midstream assets for $860 mln

Sept 2 Tue Sep 2, 2014 5:16pm EDT

Sept 2 (Reuters) - Buckeye Partners LP said it would pay $860 million for 80 percent of Trafigura AG's membership interests in certain midstream assets linking South Texas to the Gulf Coast.

Buckeye Texas Partners will run a deep-water, high-volume marine terminal, a condensate splitter and LPG storage complex on the Corpus Christi Ship Channel, Buckeye said.

Buckeye Texas Partners will also own three crude oil and condensate gathering facilities in the Eagle Ford shale, Buckeye said.

Buckeye said it expected Buckeye Texas Partners to invest about $240-$270 million through the first quarter of 2016. (Reporting by Sneha Banerjee in Bangalore; Editing by Simon Jennings)