Local & Regional
Tue June 30, 2009
Two local firms buy portion of SemFuels
By Associated Press
Tulsa, OK – TULSA, Okla. (AP) Two Tulsa-based companies plan to spend $37 million to buy the refined petroleum unit of bankrupt energy company SemGroup LP.
QuikTrip Corp. and Magellan Midstream Partners LP confirmed the sale of the SemFuel unit on Monday.
Court records indicate Magellan, a fee-based gasoline storer and transporter, will pay $23 million through a subsidiary to buy SemFuel's terminal operations in El Dorado, Kan., and Des Moines, Iowa, and storage sites in Glenpool and west Tulsa.
QuikTrip, a convenience store operator, will spend $14 million for assets in Fort Worth, Texas. A company spokesman says the acquisition fits QuikTrip's long-term plans for the Dallas area.
The acquisitions still must receive auction and court approval.
Earlier this year, SemGroup sold its SemMaterials asphalt unit to help pay off creditors.