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

Emmaus, PA -- Buckeye Partners L.P. (NYSE: BPL) (the “Partnership”) today announced that the owners of Glenmoor Ltd. (“Glenmoor”), the parent of the Company’s general partner, Buckeye Pipe Line Company (the “General Partner”), completed the sale of Glenmoor to a new entity formed by Carlyle/Riverstone Global Energy and Power Fund II, L.P. (“Carlyle/Riverstone”). The sale was consummated under a stock purchase agreement entered into on March 5, 2004. The Partnership was not a party to that agreement.

The Partnership’s operating management is expected to remain largely in place, and the General Partner will continue to manage the Partnership.

The owners of Glenmoor received an aggregate purchase price of $235 million in cash, subject to a working capital adjustment and an additional amount representing a portion of payments to be received by the General Partner with respect to pre-closing periods, relating to its general partner interest in the Partnership and the operating partnerships and to the existing incentive compensation agreement between the Partnership and the General Partner.

William H. Shea Jr., who will continue as President and Chief Executive Officer of the General Partner, said, “We are pleased to welcome Carlyle/Riverstone to the Buckeye family and look forward to working with them as we continue to provide excellent service to our shippers and to build long-term value for our unitholders.”

David M. Leuschen, Managing Director of Carlyle/Riverstone, said, “We are excited to complete our acquisition of Glenmoor and to begin our association with Buckeye Partners, one of the first and among the most highly regarded master limited partnerships. Together with Buckeye’s experienced management team, we look forward to building on Buckeye’s long history of service and investor value.”

Glenmoor’s financial adviser was Citigroup Global Markets Inc.

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