Buckeye Partners L.P. has announced that the IFM Global Infrastructure Fund (IFM GIF) has contributed its 57.6% equity interest in Freeport LNG Development L.P.’s Train 2 into Buckeye.
On 17 January 2020, Freeport LNG announced that Train 2 had successfully started commercial operations with the commencement of gas deliveries from BP under its 20-year tolling agreement.
Clark C. Smith, President and Chief Executive Officer of Buckeye, said: “The contribution of IFM GIF’s equity interest in Train 2 is the first step in a broader diversification strategy for Buckeye and further demonstrates IFM’s support of and commitment to Buckeye.
“The Train 2 equity interest will meaningfully increase our cashflows as well as decrease leverage. We also would like to congratulate the Freeport LNG team for the successful startup of Train 2 and commencement of commercial operations.”