NEW YORK May 6 Buckeye Partners, L.P. (BPL.N)
will spend between $350 and $400 million to add 7.9 million
barrels of capacity at its BORCO storage facility in the
Bahamas, the company said in a conference call on Friday.
Storage will come online incrementally, with the first
phase starting this quarter with the aim of 3.5 million barrels
being brought online in the second half of 2012, the company
Earlier this year, Buckeye paid $1.7 billion in cash and
equity to buy the Bahamas Oil Refining Company International
Limited (BORCO) which currently has 21.6 million barrels of
The expansion will include the installation of a new jetty
which will be operational by the end of 2011, giving the
facility a total of six offshore berths.
Borco is the largest storage terminal facility in the
Caribbean, with the ability to store, blend, transship, and
bunker fuel oil, crude oil and various petroleum products.
BORCO's facilities are located off the southern tip of the
Grand Bahama Island. It is easily accessible for crudes and
products coming from the Middle East, Europe and West Africa
Arabian Gulf, Northwest Europe and West Africa as well as the
U.S. Gulf Coast, Latin America and the Pacific.
(Reporting by Janet McGurty; Editing by David Gregorio)