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Buckeye Partners, L.P. has confirmed that it has completed its $860 million purchase of an 80 percent interest in Buckeye Texas Partners LLC.

As part of the agreement, Buckeye Texas Partners LLC and its subsidiaries, which are owned jointly with Trafigura AG, 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.

"Trafigura will be a key customer of these assets under 7- to 10-year minimum volume throughput, storage and tolling agreements," Buckeye said in a statement.

Clark C. Smith, Chairman and Chief Executive Officer, remarked: "We are excited to incorporate this unique integrated system of assets into the Buckeye portfolio. This acquisition expands our geographic and product diversity with a premier position on the U.S. Gulf Coast and in the prolific Eagle Ford shale. We are excited about our partnership with Trafigura, a global leader in international commodities trading and logistics. Once the initial phase of expansion is complete, these assets will form an integrated system with connectivity from the production in the field to the marine terminal infrastructure in Corpus Christi, creating a logistics platform with significant flexibility and optionality. In addition, 100 percent of the cash flows associated with these assets are supported by fee-based take-or-pay revenue commitments under 7- to 10-year commercial agreements with Trafigura. 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."