October 15, 2008
SemGroup to Sell Fuel Storage Facility in Wales
SemGroup, L.P. ("SemGroup") announced its plans to evaluate offers to sell its wholly-owned subsidiary, SemLogistics Milford Haven Limited ("SemLogistics"), which operates the largest independent fuel storage facility in the United Kingdom. Located in Milford Haven on the west coast of Wales, the facility provides 8.5 million barrels of commercially active storage capacity and serves markets in Europe, the eastern United States and Africa. SemLogistics is not included in SemGroup's chapter 11 filing in the United States.
The Blackstone Group ("Blackstone"), SemGroup's financial advisor, has begun to solicit interest for the facility. Interested parties may contact Raffiq Nathoo or Peter Laurinaitis of Blackstone in New York at 212-583-5000.
SemLogistics' terminal includes the following features:
-- Fifty-two commercially active above-ground tanks capable of storing a wide variety of petroleum products - from crude oil to refined products (gasoline, jet fuel and diesel fuel) - with permitting in place to expand;
-- Deep-water port and two jetties that can accommodate vessels up to 165,000 dead-weight tons, and access to rail and pipeline;
-- Proven track record of stable cash flows; and
-- More than $50 million invested by SemGroup since 2006 to refurbish and upgrade the tank infrastructure.
SemGroup is a midstream service company providing the energy industry means to move products from the wellhead to the wholesale marketplace. SemGroup provides diversified services for end users and consumers of crude oil, natural gas, natural gas liquids, refined products and asphalt. Services include purchasing, selling, processing, transporting, terminalling, and storing energy. SemGroup serves customers in the United States, Canada, Mexico and Wales.
This press release does not constitute an offer to sell or the solicitation of an offer to buy any security and shall not constitute an offer, solicitation or sale of any securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.