Business Services Industry
SemGroup Energy Partners to buy storage in Cushing
Journal Record, The (Oklahoma City), May 22, 2008
SemGroup Energy Partners has agreed to buy 2 million barrels of newly constructed crude oil storage at the Cushing Interchange from SemCrude LP for $90 million.
SemCrude is a subsidiary of privately owned SemGroup LP.
SemCrude will transfer a third-party storage agreement to SemGroup Energy Partners at closing. Under the take-or-pay fee- based agreement, SemGroup Energy Partners will provide terminalling and storage services using substantially all of the newly acquired storage in Cushing's north tank farm.
The purchase includes eight crude oil tanks with 250,000 barrels capacity. The acquisition will increase SemGroup Energy's total storage capacity totals more than 15 million barrels. Almost 7 million barrels of the storage will be within the Cushing Interchange.
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