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Buckeye Partners adds crude oil services at New York port


Buckeye Partners L.P. recently reached a multi-year agreement with an Irving Oil Ltd. subsidiary to provide crude-oil services at a terminal in Albany, N.Y., including unit train off-loading and storage.

Located within the Port of Albany along the Hudson River, the 1.8 million-barrel storage terminal is expected to begin handling crude oil on Nov. 1. Buckeye Partners plans to modify the terminal to handle both crude oil and ethanol unit trains with a total daily capacity exceeding 135,000 barrels.

"Rail transport has become a critical component of the logistics chain as domestic crude oil production has increased significantly," said Buckeye Partners President and Chief Executive Officer Clark Smith in a prepared statement. "The addition of crude oil services at our Albany terminal is part of our strategy to increase and improve the utilization of our existing assets."

The Port of Albany is served by Albany Port Railroad Corp., which interchanges with CSX Transportation and Canadian Pacific.

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More News from 10/16/2012