Breaking after the close...dow jones reports Buckeye Partners buying some assets of BP but no confirmation from Buckeye. Thanks to Lawrence for the info!!!!

> By Shasha Dai> Of LBO WIRE> > NEW YORK (Dow Jones)--Buckeye Partners LP (BPL), a pipeline operator backed > by private equity firms Carlyle Group LP and Riverstone Holdings, is in a > tentative deal to acquire certain assets from BP Pipelines (North America) > Inc. (BP), according to person familiar with the situation.> > The tentative deal has received the green light from the Federal Trade > Commission, according to a regulatory filing with the agency. However, > Buckeye and BP Pipelines, a unit of energy giant BP PLC, haven't signed a > definitive pact yet, the person said.> > A spokesman for Buckeye said he wasn't aware of any agreement but he didn't > rule out the possibility of one.> > BP has been seeking a buyer for the pipelines for a some time, and Buckeye > is among the companies interested in acquiring it, said the spokesman, > Stephen Milbourne.> > "We look at refined [petroleum] assets all the time," Milbourne said.> > A BP spokesman declined to comment.> > Buckeye, of Emmaus, Pa., operates some 3,900 miles of pipelines that > transport refined petroleum products - gasoline, jet fuel, diesel fuel, > heating oil, and kerosene - for oil and chemical companies. Buckeye also > runs bulk storage facilities in Illinois, Indiana, Michigan, New York, Ohio > and Pennsylvania.> > It isn't clear what assets Buckeye will buy from BP Pipelines, as some of > the BP unit's operations don't fit Buckeye's core business. Based in > Warrenville, Ill., BP Pipelines transports refined products, as well as > crude oil, natural gas liquids, carbon dioxide, and chemicals.> > All told, BP Pipelines accounts for about 9% of the U.S. liquids pipeline > market, the company said on its Web site.> > Carlyle and energy investor Riverstone acquired Buckeye from privately-held > Glenmoor Ltd. in March 2004 for an undisclosed sum. The purchase was done > through Carlyle/Riverstone Global Energy and Power Fund II LP, a $1.1 > billion fund joined managed by the private equity firms.> > In September 2004, Buckeye bought some petroleum pipelines and terminals > from Shell Oil Co. for $517 million. Months later, Buckeye paid Carlyle and > Riverstone $60 million in dividends after it raised $165 million in loans.> > (LBO Wire, published by Dow Jones Newsletters, covers buyouts and private > equity.)> > by Shasha Dai; LBO Wire> > 201-938-4298;shasha.dai@dowjones.com> > > (END) Dow Jones Newswires>