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.