Magellan gunning for SemGroup's tank assets

摘要

New York- Fresh from winning a bid on bankrupt Flying J's pipeline system, acquisition-driven Magellan Midstream Partners is extending its reach and gunning for tank assets of another bankrupt casualty, SemGroup. Magellan made a $23 million bid on 10 fuel tanks being auctioned off by SemGroup unit SemFuel, a Magellan spokesman said August 3. The total capacity of the tanks is 1.3 million barrels, and they are located in Iowa, Kansas and Oklahoma, said Magellan spokesman Bruce Heine. "The tanks are already on our facilities," he said. The closing or sale hearing is expected on August 4 or 5, he said.