Buckeye GP Holdings L.P. Prices Initial Public Offering

EMMAUS, Pa., Aug. 3  /PRNewswire-FirstCall/ -- Buckeye GP Holdings L.P. ("Buckeye Holdings"), which owns the general partner of Buckeye Partners, L.P. (NYSE:BPL), announced today the pricing of its initial public offering of 10,500,000 of its common units at $17.00 per common unit.

The common units will begin trading tomorrow, August 4, 2006, on the New York Stock Exchange under the ticker symbol "BGH."  The initial public offering of 10,500,000 common units represents a 37.1% interest in Buckeye Holdings.  Buckeye Holdings has granted the underwriters a 30-day option to purchase up to an additional 1,575,000 common units at the same price.  The offering is expected to close on or about August 9, 2006.

Goldman, Sachs & Co., Citigroup Global Markets Inc. and Merrill Lynch, Pierce, Fenner & Smith Incorporated will act as joint book-running managers and joint-lead managers along with UBS Securities LLC.  In addition, Lehman Brothers Inc., Wachovia Capital Markets, LLC, Deutsche Bank Securities Inc., KeyBanc Capital Markets, a division of McDonald Investments Inc. and RBC Capital Markets Corporation will act as co-managers for this offering.

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 State or jurisdiction.  The offering may be made only by means of a prospectus.  A copy of the final prospectus relating to the offering may be obtained from: Goldman, Sachs & Co., Attn: Prospectus Dept., 85 Broad St., New York, NY 10004, Fax: [phone] or email at ; Citigroup Global Markets Inc., Attn: Prospectus Department, Brooklyn Army Terminal, 140 58th Street, 8th floor, Brooklyn, NY, 11220, Phone: [phone]; Merrill Lynch & Co., 4 World Financial Center, Attn: Prospectus Department, New York, NY 10080, Phone: [phone] or from any of the other underwriters.

About Buckeye GP Holdings L.P.

Buckeye GP Holdings L.P. is a limited partnership formed to own and control Buckeye GP, LLC, the general partner of Buckeye Partners, L.P., through which it will hold 243,914 GP units (representing approximately 0.6% of Buckeye Partners L.P.'s outstanding units) and the incentive distribution rights in Buckeye Partners, L.P.  In addition, Buckeye GP Holdings L.P. will own, through its subsidiary MainLine L.P., approximately a 1% general partner interest in four subsidiary operating partnerships of Buckeye Partners, L.P.

About Buckeye Partners, L.P.

Buckeye Partners, L.P., through its operating subsidiaries, owns and operates one of the largest independent refined petroleum products pipeline systems in the United States in terms of volumes delivered, with approximately 5,350 miles of pipeline.  The Partnership also owns and operates 45 refined petroleum products terminals with an aggregate storage capacity of approximately 17.6 million barrels in Illinois, Indiana, Massachusetts, Michigan, Missouri, New York, Ohio and Pennsylvania, and operates and maintains approximately 2,100 miles of pipeline under agreements with major oil and chemical companies.  For more information about Buckeye Partners, L.P., visit the Partnership's website at http://www.buckeye.com/. 

DATASOURCE: Buckeye GP Holdings L.P.; Buckeye Partners, L.P.



CONTACT:  Stephen R. Milbourne, Manager, Investor Relations, Buckeye

Partners, L.P., [phone], 



Web site:  http://www.buckeye.com/ 

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