Tesoro Logistics to buy Tesoro storage, pipeline assets

Tesoro Logistics LP has agreed to acquire crude oil and refined product storage and pipeline assets in Los Angeles from subsidiaries of Tesoro Corp. for $500 million.

The assets include 97 crude, feedstock, and refined product storage tanks with combined capacity of 6.6 million bbl and 50% interest in Line 88, a 16-mile pipeline that transports jet fuel from Tesoro's 363,000-b/d Los Angeles refinery near the Port of Long Beach to Los Angeles International Airport with average throughput of 25,000 b/d.

The acquisition price will include $250 million in cash and the issuance of common and general partner units to Tesoro valued at $250 million. The transaction is expected to close later this week.

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