SemGroup Energy Partners Acquires Crude Oil Storage Tanks
Posted on: Tuesday, 3 June 2008, 09:01 CDT
SemGroup Energy Partners, a midstream energy company, has acquired eight recently constructed crude oil storage tanks located at the Cushing Interchange crude oil marketing hub in the US, from SemCrude for $90 million.
As part of the transaction, SemCrude transferred a take-or-pay, fee-based agreement to SemGroup Energy Partners (SGLP) that requires substantially all of the two million barrels of new storage for a third-party customer. SemCrude is a subsidiary of the privately owned SemGroup.
The acquisition increases SGLP's total storage capacity to more than 15 million barrels. SGLP funded the acquisition from additional borrowings under its credit facility.
Source: Datamonitor
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