Press Release

Morgan Lewis Advises Buckeye Partners in $860M Purchase of 80% Interest in South Texas Assets

September 02, 2014

PHILADELPHIA, September 2, 2014: Morgan Lewis advised Buckeye Partners, L.P., a publicly traded master limited partnership that owns and operates one of the largest independent networks of liquid petroleum products pipelines and terminals in the U.S., in the signing of a definitive agreement to acquire an 80% interest for $860 million in a company that will be owned jointly with Trafigura AG.

The company, Buckeye Texas Partners, and its subsidiaries will own and operate a vertically integrated system of midstream assets, including a deep-water, high volume marine terminal located on the Corpus Christi Ship Channel, a condensate splitter and LPG storage complex in Corpus Christi, and three crude oil and condensate gathering facilities in the Eagle Ford shale. All of the assets will be fully supported by 7- to 10-year minimum volume throughput, storage and tolling agreements with Trafigura. The transaction is expected to close later in September 2014, and is subject to regulatory approvals and customary closing conditions.

The Morgan Lewis team representing Buckeye was led by Business and Finance partners Benjamin Wills and Howard Meyers, with support from associates Justin Benford, Conor Larkin and Adam Prince. The team also included Real Estate of counsel Eric Marcuson and associates Amy Kearney and Michael Weil. Tax partner Paul Gordon and of counsel Daniel Carmody contributed to the effort in addition to Environmental partner Christopher Amandes, Labor and Employment partner Ross Friedman, and Employee Benefits partner Amy Kelly and associate Marc Leone.

For further information about the transaction, please see the press release issued by Buckeye.