The Plot Thickens at SemGroup, L.P. (SGLP, BX)

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Not every piece of SemGroup, L.P. was included in the company’s Chapter 11 filing back in July.  The company’s publicly traded midstream subsidiary, SemGroup Energy Partners LP (NASDAQ:SGLP), was spared, as was SemGroup’s SemLogistics Milford Haven subsidiary in England.

Now, though, SemGroup is looking for a buyer for the largest petroleumstorage facility in England. Milford Haven has 8.5 million barrels ofstorage for everything from crude oil to refined products and SemGroupis offering if for sale through The Blackstone Group (NYSE:BX).SemLogistics is not included in the Chapter 11 proceedings, but there’snot much doubt what this sale is all about, is there?

Paul Ausick
October 16, 2008