U.S. Venture, Inc. agreed to acquire Five petroleum terminals and associated assets in the two states from Buckeye Partners, L.P. and Magellan Midstream Partners, L.P. (NYSE:MMP) on June 2, 2022. With respect to the proposed acquisition of 26 independent terminals network from Magellan OLP, L.P. by Buckeye Partners, L.P., The Federal Trade Commission took action to protect competition in the fuel markets and orders Buckeye Partners, L.P. and Magellan Midstream Partners, L.P. (NYSE:MMP) to divest Five petroleum terminals and associated assets in the two states within 10 days post the acquisition of 26 independent terminals network. The related acquisition is scheduled to close on June 8, 2022.

Buckeye must seek prior approval from the Commission for a period of ten years before it acquires any light petroleum products terminal (including the divested terminals) within a 60-mile radius of the divested assets. The proposed order also requires U.S. Venture to obtain prior approval from the Commission for a period of 3 years before transferring any of the divested assets to any buyer, and for a period of 7 additional years to any buyer with an interest in any light petroleum products terminal in any of the 3 relevant geographic markets.