Tesoro Announces North Dakota Expansion

abarrelfullabarrelfull wrote on 22 Mar 2011 06:26
Tags: refinery tesoro usa

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Tesoro Corporation (NYSE:TSO) today announced that it plans to expand the crude oil throughput capacity at its Mandan, North Dakota refinery from 58,000 barrels per day (bpd) to 68,000 bpd by the second quarter of 2012, subject to permitting requirements. During the past three years, the average throughput at the refinery was approximately 52,000 bpd.

Tesoro expects to supply the plant with additional crude oil from the burgeoning crude oil production in the nearby Bakken Shale/Williston Basin area via the Tesoro High Plains Pipeline system. The current expected capital investment for the expansion will be approximately $35 million.

"Coupled with the 2010 acquisition of the Shell branded wholesale supply contracts which provide fuel for approximately 300 stations in the region, this expansion reflects Tesoro's commitment to grow our refining and marketing business in the Northern Great Plains," said Tesoro President and CEO Greg Goff. "This allows for further integration opportunities in our operations and capitalizes on the steadily increasing domestic crude supply from the Bakken area."

Tesoro Corporation, a Fortune 150 company, is an independent refiner and marketer of petroleum products. Tesoro, through its subsidiaries, operates seven refineries in the western United States with a combined capacity of approximately 665,000 barrels per day. As of December 31, 2010, our retail segment included a network of 880 branded retail stations under the Tesoro®, Shell®, USA GasolineTM and Mirastar® brands.

Please visit us at http://www.tsocorp.com/

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