PORTSMOUTH, NH, July 19, 2011 /PRNewswire/ – Irving Oil announced today that it
has acquired a petroleum product marine terminal in South Portland,
Maine through a joint venture with an affiliate of Buckeye Partners,
L.P. (“Buckeye”) (NYSE:BPL). Under the terms of this arrangement,
Irving Oil will have a majority of the approximately 725,000 barrels of
storage capacity at the South Portland terminal, as well as long-term
marketing rights at Buckeye’s Bangor, Maine terminal.

“This acquisition complements our existing distribution facilities in
the State of Maine and positions our Company to more efficiently meet
the ever-changing needs of our present and future customers,” said Mike
Ashar, President, Irving Oil. “The deal also underscores our commitment
to the energy security and economy of Maine.”

Irving Oil is pleased to partner with Buckeye Partners, L.P. in this
joint venture as they represent one of the largest and most experienced
refined petroleum pipeline and terminal operators in the US.

About Irving Oil

Irving Oil was founded by K.C. Irving in 1924 and is a family-owned
refining and marketing company dedicated to serving our customers
throughout Atlantic Canada, Quebec and the US Northeast. Irving Oil’s
Refinery is located in Saint John, NB operating at over 300,000 barrels
per day, which accounts for 75 percent of Canada’s gasoline exports to
the US. www.irvingoil.com.

SOURCE Irving Oil Limited