Vitol to Purchase General Partner of SemGroup Energy

Vitol Inc. enters into an agreement with Manchester Securities Corp., to purchase all of SemGroup Energy Partners GP, LLC, SGLP’s general partner, and SGLP’s units.
Financial terms were not disclosed in the private transaction.
The agreement is subject to a number of customary closing conditions and approvals, including consent from SGLP’s lenders under its credit facility.
Vitol, the U.S. subsidiary of the Vitol Group, distributes of crude oil, petroleum products, coal and natural gas. The Netherlands-based Vitol moves more than 5 million barrels of crude oil and petroleum products every day throughout the world. It charters more than 3,000 ships annually and had annual revenues of $191 billion in 2008.
“We are pleased that Manchester reached agreement with Vitol, one of the largest independent energy companies in the world,” said Kevin Foxx, president and CEO of SGLP’s general partner. “We believe our assets can be a great fit into Vitol’s U.S. business model and we look forward to working with them and growing our business.”

Was this article helpful?

Related Articles

Leave A Comment?