Tesoro closes purchase of Carson refinery
Tesoro Corp. has closed its purchase of BP PLC’s 266,000-b/d Carson refinery near Los Angeles and related marketing and logistics businesses (OGJ Online, May 17, 2013).
It paid $1.075 billion for the refining and marketing assets and $1.35 billion for inventory and other working capital.
Tesoro and Tesoro Logistics LP also paid $640 million for the initial purchase of integrated Carson logistics assets including six marketing and storage terminal facilities. Those assets have total throughput capacity of about 225,000 b/d and storage capacity of 6.4 million bbl.
The consideration included $550 million cash and Tesoro Logistics equity worth $96 million.
Tesoro Logistics expects to be offered other Carson logistics assets, including dedicated storage capacity, pipelines, and marine terminals within 12 months. It expects market value of the assets to be $450-550 million.