Tesoro to sell interests in Hawaiian refiner

Tesoro Corp., San Antonio, will sell its interest in Tesoro Hawaii LLC to a subsidiary of Par Petroleum Corp. Tesoro Hawaii operates the 94,000-b/d Kapolei refinery along with retail stations and associated assets. Par Petroleum will operate the refinery and its marketing assets.

Tesoro said the sales price is $75 million, plus the market value of net working capital, which it expects to be about $225-275 million. The company expects to complete the sale in this year’s third quarter.

Earlier this month, Tesoro closed on its purchase of BP PLC’s 266,000-b/d Carson refinery near Los Angeles (OGJ Online, June 3, 2013; May 17, 2013), paying slightly more than $1 billion for refining and marketing assets and $1.35 billion for inventory and other working capital.

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now

Whitepapers

Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...

Leveraging the Power of Information in the Energy Industry

Information Governance is about more than compliance. It’s about using your information to drive ...

Reduce Engineering Project Complexity

Engineering document management presents unique and complex challenges. A solution based in Enter...

Revolutionizing Asset Management in the Electric Power Industry

With the arrival of the Industrial Internet of Things, data is growing and becoming more accessib...