Energy trader SemGroup looking to sell subsidiary
- Saturday, November 29, 2008, 1:46
Jim Gary
Crudes
Bankrupt energy trader SemGroup LP said it plans to evaluate offers to buy its wholly-owned subsidiary, SemLogistics Milford Haven, which operates the largest independent fuel storage facility in the United Kingdom.
SemLogistics is not included in SemGroup’s chapter 11 filing in the United States, the company said.
It did not identify which companies had expressed interest in the assets or when it would make a decision on the sale.
The fuel storage facility has 8.5 million barrels of commercially active storage capacity, according to a company statement.
SemGroup, the parent of SemGroup Energy Partners LP , collapsed in July after $3.2 billion (1.8 billion pounds) in bad bets on oil prices. Its oil suppliers and main lender Bank of America Corp have scuffled over who has first priority claim on the company’s assets.
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