Buckeye to offer crude oil services at Albany storage terminal

Buckeye Partners is to offer crude oil services at its storage terminal in Albany, New York after forming a long-term agreement with an Irving Oil subsidiary.

Under the agreement, Buckeye will provide around 1.8 million barrels of oil storage, off-loading unit trains and throughput when the terminal opens at the beginning of November.

Buckeye president and CEO Clark Smith says the offering of services 'is part of our strategy to increase and improve the utilisation of our existing assets'.

Buckeye says it will modify the terminal so that it can handle ethanol in addition to crude oil, with a total capacity of over 135,000 barrels per day.

'Rail transport has become a critical component of the logistics chain as domestic crude oil production has increased significantly,' says Smith.