Oklahoma, US-based SemGroup could sell some of its SemMaterials assets to Davison Petroleum Supply.
SemGroup is liquidating its asphalt processing and distributing unit, claiming that SemMaterials was losing $15 million (11.2 million) monthly.
An eight-month search for a bidder to buy all of SemMaterials has been unsuccessful, but SemGroup has arranged a potential deal under which Louisiana-based Davison Petroleum Supply would buy the residual fuels business.
The agreement must survive a 17 April auction and possible court approval six days later.
SemMaterials, however, was hampered by parent SemGroup filing for Chapter 11 bankruptcy protection on 22 July 2008.
The companys finances diminished after SemGroup traders lost $2.4 billion on oil futures margins and owed at least another $3.5 billion to creditors, suppliers and vendors, according to reports.
SemMaterials owned or leased 74 asphalt and residual fuel terminals in the US and Mexico.
The storage capacity topped 7.9 million barrels.
SemGroup also is transferring some of SemMaterials storage assets to publicly-traded SemGroup Energy Partners in exchange for that subsidiarys crude oil holdings in Kansas.