Buckeye Partners LP has signed a definitive agreement to acquire a 50-percent equity interest in VTTI B.V., a company that will be jointly owned with Vitol, for $1.15 billion. VTTI is one of the largest independent global marine terminal businesses and, through its subsidiaries and partnership interests, owns and operates approximately 54 million barrels of petroleum products storage across 13 terminals located on five continents. At press time, the transaction was expected to close by February.

Buckeye and Vitol will have equal board representation and voting rights in VTTI following the closing of the transaction. VTTI will continue to operate as a stand-alone entity, and its existing management team and employees will remain in place to operate the assets.