HUNTWAY PARTNERS L P
SC 13G/A, 1996-06-10
PETROLEUM REFINING
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<PAGE>
 
                      SECURITIES AND EXCHANGE COMMISSION
                            WASHINGTON, D.C. 20549


                                 SCHEDULE 13G
            Information Statement Pursuant to Rules 13d-1 and 13d-2
                                Amendment No. 7


                            Huntway Partners, L.P.
                    --------------------------------------
                                (Name of Issuer)



                                  Common Units
                            -----------------------
                        (Title of Class of Securities)



                                   447300104
                              ------------------
                                (CUSIP Number)



     Check the following box if a fee is being paid with this statement _______.
     (A fee is not required only if the filing person:  (1) has a previous
     statement on file reporting beneficial ownership of more than five percent
     of the class of securities described in item 1: and (2) has filed no
     amendment subsequent thereto reporting beneficial ownership of five percent
     or less of such class.)  (See Rule 13d-7.)



                         (Continued on following pages)

                               Page 1 of 5 Pages
<PAGE>
 
- -----------------
CUSIP NO.
447300104
- -----------
- --------------------------------------------------------------------------------
1.   Name of Reporting Person
     S.S. or  I.R.S. Identification No. of  Above Person

     Goldman, Sachs & Co.
- --------------------------------------------------------------------------------
2.   Check the Appropriate Box if a Member of a Group

                                         (a) _____
                                         (b) _____
- --------------------------------------------------------------------------------
3.   SEC Use Only

- --------------------------------------------------------------------------------
4.   Citizenship or place of  Organization

 
                        New York
- --------------------------------------------------------------------------------
Number of       5  Sole Voting Power
Shares      
Beneficially           0
Owned By        -------------------------
Each            6  Shared Voting Power
Reporting   
Person With            513,000
                -------------------------
                7  Sole Dispositive Power

                       0
                -------------------------
                8   Shared Dispositive Power

                       513,000
- --------------------------------------------------------------------------------
9.   Aggregate Amount Beneficially Owned by Each Reporting Person

                       513,000
- --------------------------------------------------------------------------------
10.  Check if the Aggregate Amount in Row (9) Excludes Certain Shares

- --------------------------------------------------------------------------------
11.  Percent of Class Representing by Amount in Row (9)

                      4.4%
- --------------------------------------------------------------------------------

12.  Type of Reporting Person

                       BD-PN-IA
- --------------------------------------------------------------------------------

                               Page 2 of 5 Pages
<PAGE>
 
- -----------------
CUSIP NO.
 447300104
- -----------
- --------------------------------------------------------------------------------
1.   Name of Reporting Person
     S.S. or I.R.S. Identification No. of Above Person

     The Goldman Sachs Group, L.P.
- --------------------------------------------------------------------------------
2.   Check the Appropriate Box if a Member of a Group

                                         (a) _____
                                         (b) _____
- --------------------------------------------------------------------------------
3.   SEC Use Only

- --------------------------------------------------------------------------------
4.   Citizenship or place of Organization
 
        Delaware
- --------------------------------------------------------------------------------
Number of       5  Sole Voting Power
Shares
Beneficially           0
Owned By        -------------------------
Each            6  Shared Voting Power
Reporting
Person With            513,000
                -------------------------
                7  Sole Dispositive Power

                       0
                -------------------------
                8   Shared Dispositive Power

                       513,000
                -------------------------
9.   Aggregate Amount Beneficially Owned by Each Reporting Person

         513,000
- --------------------------------------------------------------------------------
10.  Check if the Aggregate Amount in Row (9) Excludes Certain Shares

- --------------------------------------------------------------------------------
11.  Percent of Class Representing by Amount in Row (9)

         4.4%
- --------------------------------------------------------------------------------

12.  Type of Reporting Person

         HC-PN
- --------------------------------------------------------------------------------

                               Page 3 of 5 Pages
<PAGE>
 
        Item 4.       Ownership.


                (a).  Amount beneficially owned: 
                      See the responses(s) to Item 9 on the attached cover
                      pages(s).

                (b).  Percent of class:
                      See the response(s) to Item 11 on the attached cover
                      pages(s).

                (c).  Number of shares as to which such person has:

                      (i)   Sole power to vote or to direct the vote:
                              See the response(s) to Item 5 on the attached
                              cover page(s).

                      (ii)  Shared power to vote or direct the vote:
                              See the response(s) to Item 6 on the attached
                              cover page(s).

                      (iii) Sole power to dispose or to direct the disposition
                              of: See the response(s) to Item 7 on the attached
                              cover page(s).

                      (iv)  Shared power to dispose or to direct the disposition
                              of: See the response(s) to Item 8 on the attached
                              cover page(s).


        Item 5.       Ownership of Five Percent or Less of a Class.
                        May 17, 1996


        Item 10.      Certification.

                      By signing below I certify that, to the best of my
                      knowledge and belief, the securities referred to above
                      were acquired in the ordinary course of business and were
                      not acquired for the purpose of and do not have the effect
                      of changing or influencing the control of the issuer of
                      such securities and were not acquired in connection with
                      or as a participant in any transaction having such purpose
                      or effect.

                               Page 4 of 5 Pages
<PAGE>
 
                                   SIGNATURE

          After reasonable inquiry and to the best of my knowledge and belief, I
          certify that the information set forth in this statement is true,
          complete and correct.


Date:  June 10, 1996


                                    THE GOLDMAN SACHS GROUP, L.P.


                                    By: /s/ William J. Buckley
                                       ---------------------------
                                    Name: William J. Buckley
                                    Title:  General Partner



                                    GOLDMAN, SACHS & CO.


                                    By: /s/ William J. Buckley
                                       ---------------------------
                                    Name: William J. Buckley
                                    Title:  General Partner

                               Page 5 of 5 Pages


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