General Partner of Buckeye Partners, L.P. to be Sold to Carlyle/Riverstone Global Energy and Power Fund II, L.P.

Emmaus, PA -- Buckeye Partners L.P. (NYSE: BPL) today announced that the owners of Glenmoor, Ltd. ("Glenmoor"), the parent of the Company's general partner, Buckeye Pipe Line Company, have entered into a definitive agreement to sell Glenmoor to a new entity formed by Carlyle/Riverstone Global Energy and Power Fund II, L.P. The transaction is scheduled to close in the second quarter of 2004, and is subject to certain conditions, including applicable regulatory approvals and other customary closing conditions. Financial terms were not disclosed.

The transaction is not expected to have any immediate impact on the operations of the Partnership. Pending completion of the sale, management of the General Partner expects to continue to operate the Partnership's business consistent with past practice. After completion of the sale, the Partnership's operating management is expected to remain largely in place, and the General Partner will continue to manage the Partnership.

William H. Shea Jr., President and Chief Executive Officer of Buckeye Pipe Line Company, the general partner of the Partnership, said, "We look forward to working with Carlyle/Riverstone to build upon Buckeye's record of financial and operating success. Carlyle/Riverstone's experience investing in midstream energy assets, and its access to capital, will significantly enhance the Partnership's ability to grow its business in the years ahead."

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