Tesoro Announces Close on Sale of Hawaii Operations

abarrelfullabarrelfull wrote on 26 Sep 2013 06:57
Tags: n-america refinery tesoro usa

Tesoro Corporation (NYSE: TSO) announced today that it has completed the previously announced sale of all of its interests in Tesoro Hawaii, LLC to Hawaii Pacific Energy, LLC for approximately $325 million, which includes net working capital. The transaction includes an earn-out arrangement payable over three years up to $40 million based on consolidated gross margins.

Tesoro Hawaii, LLC operates the Kapolei refinery, a network of retail stations and associated logistical assets. Hawaii Pacific Energy, LLC is a wholly owned subsidiary of Par Petroleum Corporation.

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