Buckeye Partners L.P. (BPL) has entered into an agreement to acquire the remaining 20% interest in Bahamas Oil Refining Company International Limited (BORCO) from Vopak Bahamas B.V. The partnership said the acquisition will be carried out on terms similar to the earlier purchase of 80% interest in the assets from First Reserve Corporation in December 2010.

Buckeye had acquired an 80% interest in BORCO, the largest petroleum products storage terminal in the Caribbean, for a total consideration of $1.36 billion in cash and equity. Buckeye's recent deal with Vopak will also be executed on the same proportionate price under the same terms and conditions.

Buckeye expects the acquisition of Vopak's interest to close as soon as definitive documentation is executed and the closing conditions are satisfied.

Buckeye currently retains a Zacks #3 Rank (short-term Hold rating). We maintain our long-term Neutral rating on the stock. The partnership is favorably positioned versus its closest peer Ferrellgas Partners L.P. (FGP) with a Zacks #4 Rank (Sell), based on short-term ratings.