Tesoro acquires Flint marketing, logistics

Tesoro Corp. said Nov. 23 that its affiliate Tesoro Alaska Co. LLC will be acquiring Flint Hills Resources’ wholesale marketing and logistics assets in Anchorage and Fairbanks.

The former Flint Hills Resources North Pole refinery is not part of the acquisition.

Tesoro Corp. Chairman, President and CEO Greg Goff said the “investment represents our commitment to efficiently and reliably service customers” in Alaska and also said the company has invested more than $300 million in its Alaska operations over the last five years.

The value of this transaction was not released.

Tesoro said the transaction includes all FHR wholesale fuel marketing contracts in Alaska; a terminal in Anchorage with 580,000 barrels of in-service storage capacity, a truck rack and rail loading capacity; a Fairbanks airport terminal that includes 22,500 barrels of in-service jet fuel storage and truck rack; and a multiyear terminal agreement at FHR’s North Pole terminal, which will provide efficient rail offload capabilities and provide Tesoro access to Alaska’s Interior.

Tesoro said the transaction is expected to close within 60 days, pending completion of transition, planning and requested consents and approvals.

- Petroleum News