Tulsa World: Chinese company high bidder for SemFuel assets

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Chinese company high bidder for SemFuel assets

By ROD WALTON World Staff Writer
Published: 8/4/2009 2:35 PM
Last Modified: 8/4/2009 2:37 PM

The U.S. subsidiary of a Hong Kong-based commodities giant swooped in this week to outbid Tulsa companies QuikTrip Corp. and Magellan Midstream Partners LP for the SemFuel gasoline terminals assets in Glenpool, Tulsa, Kansas, Iowa and Fort Worth.

Noble Americas Corp. offered $65.35 million for all of the SemFuel assets on the auction block. Those parts of bankrupt SemGroup’s refined petroleum subsidiary also included terminals in Wisconsin and Michigan desired by another original bidder, U.S. Oil Co., according to reports.

QuikTrip had bid $14 million in late June to buy the SemFuel terminal operations in Fort Worth. The move, if successful, would have been the Tulsa-based convenience store chain’s first foray into gasoline storage and marketing.

“We would like to have had it, but we were unsuccessful,” QuikTrip spokesman Michael Thornbrugh said Tuesday. “It was a good learning experience for us.”

Magellan bid $23 million to buy terminals in El Dorado, Kan., Des Moines, Iowa, and in Glenpool and west Tulsa. The two area sites were close to some of Magellan’s other properties and pipelines.

Company spokesman Bruce Heine confirmed that Magellan was outbid at the SemFuel auction Monday in New York.

Last month, he talked about the assets’ logistic attractiveness for the Tulsa-based refined petroleum storer and transporter.

“They are all already connected to our pipeline system,” Heine said after Magellan bid in June. “It fits our portfolio well, and we hope that we’re going to be the successful

bidder.”

Heine’s response Tuesday to Nobles’ winning bid was that the contract still needs approval by a U.S. Bankruptcy Court in Wilmington, Del.

Noble Americas is a wholly owned subsidiary of Noble Group, the international supply chain of industrial, agricultural and energy products. Noble owns mines, ethanol plants and refined petroleum products marketing assets, according to reports.

Wisconsin-based U.S. Oil had hoped to buy SemFuel terminal operations in Green Bay, Wis.; Bettendorf, Iowa; and Rogers City, Mich., for $14.1 million, according to reports. The $65.35 million overall bid by Nobles apparently would beat that offer.

By ROD WALTON World Staff Writer

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	Report Comment goatman, (8/4/2009 3:02:11 PM) Buying us up a little at a time.....
	Report Comment stuckinlimbo, (8/4/2009 4:18:32 PM) I couldn't agree with you more Goatman. When will this country ever learn to take care of our own people first!!!! Unbelievable. Wish the Judge would rule against it and give it to our own companies.
	Report Comment justiceawaits, Claremore (8/5/2009 6:26:46 AM) We should start teaching our kids Chinease in school now since they will be owning most of the U.S. in the near future.

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