SemGroup has successfully completed the sale of its 50% interest in Glass Mountain Pipeline, LLC to a fund managed jointly by BlackRock Real Assets and Navigator Energy Services for US$300 million.
“We are extremely pleased with the valuation of the Glass Mountain sale, which represents a significant step in our capital raise plan to fund the final payment for the acquisition of Houston Fuel Oil Terminal Company,” said Carlin Conner, SemGroup President and CEO. “We continue to pursue additional options for completing the remainder of the payment and for pre-funding our strategic growth on the Gulf Coast, Mid-Continent and in Canada.”
Rose Rock Midstream, a subsidiary of SemGroup, will remain the pipeline operator for a period of time following closure.