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Buckeye updates on hurricane recovery efforts

Buckeye Partners, LP (NYSE:BPL), which owns an oil storage and transshipment facility on Grand Bahama, has announced that significant progress has been made to safely restore operations in the wake of Hurricane Matthew. 

Buckeye Partners, L.P.
Friday, October 21, 2016
Wednesday, February 1, 2017

Buckeye PartnersHOUSTON, Oct. 20, 2016 (GLOBE NEWSWIRE) — Buckeye Partners, L.P. (“Buckeye”) (NYSE:BPL) announced today that significant progress has been made to safely restore operations in the wake of Hurricane Matthew.

Buckeye Bahamas Hub has restored service to its marine operations with four berths available and minimal operational restrictions. The company expects the four remaining berths to be available by the end of October. Buckeye Bahamas Hub confirms there were no injuries or significant release of product as a result of the storm.

“The Buckeye team has been focused on assessing and repairing the moderate damage caused by Hurricane Matthew,” said Khalid A. Muslih, President, Global Marine Terminals. “I am extremely proud of the efforts of all of our employees and contractors and their commitment to safety as they worked diligently and quickly to bring our facility back online.” The company is still evaluating the financial impact of the storm but does not expect such costs to be material.

Domestic operations have fully recovered and business has safely resumed at its southeast US facilities including Fort Lauderdale Terminal, Everglades Pipe Line, Jacksonville Terminal, Charleston Terminal and Wilmington Terminals. No injuries, damage or product release was reported at these facilities.

Buckeye and its employees are an integral part of the communities in which it operates. The company’s primary concern is the safety of its employees, the public and the environment. “We recognize that the island of Grand Bahama was significantly impacted by Hurricane Matthew,” continued Mr. Muslih. “We have seen the hardships endured by our employees, their families, neighbors and communities and have been heartened by how all have come together to respond to this storm. Buckeye wanted to do our part and our team members delivered food, water, supplies and electrical generators to residents of Grand Bahama.” In addition, Buckeye made a meaningful contribution to the Bahamas National Emergency Management Administration to assist with relief efforts in the Bahamas with a focus on Grand Bahama.”

Bahamian foreign diplomats from all over the world were back in Nassau this week for the third Bahamas Diplomatic Week.

Bahamas-based Sterling Global Financial, a real-estate based financial services wealth management firm, has announced that its New Providence Income Fund is now the Sterling Mortgage Income Fund.

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