Tesoro has signed an agreement with a wholly-owned subsidiary of Par Petroleum to sell all of its interest in Tesoro Hawaii, which operates the 94,000 bbl/d Kapolei refinery, retail stations and associated logistical assets. As part of the agreement, Par Petroleum intends to operate the assets as an integrated refining, logistics and retail system. The sales price of the Hawaii operations is US$75m, plus the market value of net working capital, which is expected to be approximately US$225m to US$275m.
In January 2013, Tesoro had announced that it would cease refining operations at Kapolei in April 2013, and begin the process of converting the refinery to an import, storage, and distribution terminal. Tesoro Hawaii will maintain the existing distribution system to support marketing operations and fulfill its supply commitments while continuing to offer the terminal, distribution, and retail assets for sale.
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