Bracewell has advised SemGroup Europe Holding L.L.C. on the sale of its entire interest in SemLogistics Milford Haven Limited (“SemLogistics”) to Valero Logistics UK Limited, a subsidiary of Valero Energy Corporation.
Valero Logistics UK Ltd, a subsidiary of Valero Energy Corporation (NYSE:VLO), and SemGroup Europe Holding L.L.C. have signed an agreement for the purchase of SemLogistics Milford Haven fuel storage facility on the west coast of Wales.
Situated across the Haven from Valero’s refinery at Pembroke, the facility is one of the largest petroleum products storage facility in the United Kingdom (UK) with 8.5 million barrels of capacity for storing gasoline, gasoline blendstocks, naphtha, jet fuel, gas oil, diesel, and crude oil. Over 67 percent of the storage capacity is multiproduct or dual purpose, giving Valero the flexibility to meet customers’ demands in the UK and throughout Northwest Europe. Additionally, Milford Haven will continue to operate as a third-party storage facility, offering storage options for third-party customers across the European petroleum markets.
Subject to customary regulatory approvals, Valero expects the purchase be completed in the third quarter of 2018. Valero also expects to retain the UK employees currently engaged in the business to be acquired.
Semgroup Europe Holding, L.L.C. was incorporated in 2006 and is headquartered in Tulsa, Oklahoma. The company, led by Carlin G. Conner operates as a subsidiary of SemGroup Corporation.
Bracewell Advises SemGroup Europe Holding with a team including Darren Spalding (Picture), Adam Blythe and Lauren Kelsall.
Law Firms: Bracewell;
Clients: Semgroup Europe Holding, L.L.C.;