Irving, Buckeye buy petroleum assets
Through a joint partnership, Canada-based Irving Oil has completed an acquisition of a South Portland petroleum-products terminal.
Irving and Texas-based Buckeye Partners LP yesterday took over the South Portland terminal in a 50/50 ownership split, according to a press release from Buckeye. Irving Oil Terminal Inc. and Irving Oil Ltd. first proposed acquiring the terminal and one in Bangor from ExxonMobil in 2009, but Maine Attorney General William Schneider earlier this year blocked the deal, saying it would reduce competition and violate Maine's merger laws. A 10-year settlement allowed Irving to acquire the South Portland terminal as long as it did not own more than 50% and Buckeye solely operates it. Other details of the sale were not released.
Buckeye also purchased 100% of the Bangor terminal and the 124-mile pipeline that connects the two, according to the release. The South Portland marine terminal has a storage capacity of 725,000 barrels, and the Bangor terminal has a capacity of 140,000 barrels. Buckeye said the acquisitions will extend its geographic reach and increase its presence in the marine terminal market.
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