Buckeye Partners, L.P. to Offer Limited Partnership Units

BREINIGSVILLE, Pa., March 18 /PRNewswire-FirstCall/ -- Buckeye Partners, L.P. (NYSE: BPL; "Buckeye") today announced that it plans to offer 2,300,000 limited partnership units in a registered offering. The underwriters have been granted an option to purchase up to 345,000 limited partnership units to cover over-allotments, if any. Buckeye intends to use the net proceeds from this offering to reduce the indebtedness outstanding under its revolving credit facility.

Lehman Brothers Inc. and UBS Securities LLC will act as joint book-running managers of the limited partnership unit offering. Wachovia Capital Markets, LLC, Citigroup Global Markets Inc., Goldman, Sachs & Co., Deutsche Bank Securities Inc. and J.P. Morgan Securities Inc. will act as co-managers.

This news release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. This offering may be made only by means of a prospectus supplement and accompanying base prospectus.

When available, copies of the prospectus supplement and accompanying base prospectus related to this offering may be obtained from Lehman Brothers Inc., c/o Broadridge Integrated Distribution Services, 1155 Long Island Avenue, Edgewood, NY 11717, by email at Quiana.smith@broadridge.com, or by fax at (631) 254-7140; UBS Investment Bank, Attention: Prospectus Department, 299 Park Avenue, New York, NY 10171, toll free: (888) 827-7275; or from any of the other underwriters.

Buckeye Partners, L.P. is a publicly traded partnership that owns and operates one of the largest independent refined petroleum products pipeline systems in the United States in terms of volumes delivered, with approximately 5,400 miles of pipeline; owns more than 60 refined petroleum products terminals; operates and maintains approximately 2,700 miles of pipeline under agreements with major oil and chemical companies; owns a major natural gas storage facility in northern California; and markets refined petroleum products in certain of the geographic areas served by its pipeline and terminal operations. The general partner of Buckeye Partners, L.P. is owned by Buckeye GP Holdings L.P. . More information concerning Buckeye Partners, L.P. is available at http://www.buckeye.com/. More information concerning Buckeye GP Holdings L.P. is available at http://www.buckeyegp.com/.

This press release includes forward-looking statements that we believe to be reasonable as of today's date. Such statements are identified by use of the words "forecasts", "anticipates", "estimates", "expects", "intends", "plans", "predicts", "projects", "should" and similar expressions. Actual results may differ significantly because of risks and uncertainties that are difficult to predict and that may be beyond the control of Buckeye. Among them are (1) changes in laws or regulations to which we are subject, including those that permit the treatment of us as a partnership for federal income tax purposes; (2) terrorism, adverse weather conditions, environmental releases and natural disasters; (3) changes in the marketplace for our products or services, such as increased competition, better energy efficiency or general reductions in demand; (4) adverse regional or national economic conditions or adverse capital market conditions; (5) shutdowns or interruptions at the source points for the products we transport, store or sell; (6) unanticipated capital expenditures in connection with the construction, repair or replacement of our assets; and (7) volatility in the price of refined petroleum products and the value of natural gas storage services. You should read our Annual Report on Form 10-K for a more extensive list of factors that could affect results. We undertake no obligation to revise our forward- looking statements to reflect events or circumstances occurring after today's date.