SGLP enters into asphalt
storage contracts, leases
Jun 9, 2009 9:34 AM
SemGroup Energy Partners LP (SGLP) has completed the execution of additional asphalt storage contracts or leases related to its asphalt facilities with various counterparties. As a result, SGLP now has 45 of its 46 total asphalt facilities under a storage contract or lease agreement.
Jerry Parsons, executive vice-president–asphalt operations, said, “The contracting of our facilities has required a significant coordinated effort, and the execution of these additional contracts essentially completes the task to get our asphalt facilities under contract. We now have agreements with 13 counterparties for our asphalt facilities with terms primarily extending through December 31, 2011.“
SGLP will operate the facilities under the storage agreements, and the contract counterparties will operate the facilities under the lease agreements. SGLP will receive storage fees or lease payments as applicable from the new counterparties. The revenues that SGLP will receive pursuant to these leases and storage agreements will be less than the revenues previously received under the Terminaling and Storage Agreement with SemGroup LP.
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