Tesoro closes on acquisition of BP refineries, marketing assets - September 30, 2001

Providing coverage of Alaska and northern Canada's oil and gas industrySeptember 2001

Vol. 6, No. 10

Week of September 30, 2001

Tesoro closes on acquisition of BP refineries, marketing assets

Petroleum News Alaska Staff

Tesoro Petroleum Corp. said Sept. 6 that it has completed the acquisition of certain refining and marketing assets of BP p.l.c., including refineries in Salt Lake City and Mandan, N.D.

Closure on a related North Dakota crude gathering system will be handled separately, Tesoro said, pending federal regulatory approval, and is expected around Nov. 1.

Tesoro said the purchase was financed with debt and is expected to be accretive to earnings starting in the third quarter.

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