SemGroup LP is evaluating offers to sell its subsidiary, SemLogistics Milford Haven Ltd., which operates the largest independent fuel storage facility in the United Kingdom.
The Milford Haven facility, on the west coast of Wales, provides 8.5 million barrels of commercially active storage capacity and serves markets in Europe, the eastern U.S. and Africa. SemLogistics is not included in SemGroup’s chapter 11 filing in the U.S.
The Blackstone Group, SemGroup’s financial advisor, is soliciting interest for the facility.
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.