Buckeye Partners LP completed its $860 million purchase of an 80% interest in Buckeye Texas Partners LLC from Trafigura AG. Buckeye Texas Partners and its subsidiaries, which are jointly owned with Trafigura, will own and operate an integrated system of midstream assets. The assets include: a deepwater, high-volume marine terminal on the Corpus Christi Ship Channel; a condensate splitter and LPG storage complex in Corpus Christi, Texas; and three crude oil and condensate gathering facilities in the Eagle Ford Shale.

Trafigura will be the main customer of the acquired assets under fee-based, take-or-pay seven- to 10-year minimum volume throughput, storage and tolling agreements. In a statement, Buckeye Partners Chairman and CEO Clark C. Smith said, “We expect this acquisition to be highly accretive to our distributable cash flow per limited partner unit beginning in 2016 and to position Buckeye for acceleration of distribution growth.”