Wednesday, August 20 2014 5:43 AM EDT2014-08-20 09:43:48 GMT
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HONOLULU (HawaiiNewsNow) -
Hawaii harbors will be busier
now that the Tesoro refinery is closing, because the company is bringing refined
products in lieu of the that was once offloaded from offshore.
Two tankers were here last week. On Friday night a third
arrived from China. And two more are on the way from the U.S. mainland and the
Tesoro Corp. is still looking for a buyer for the Kapolei
refinery, the larger of two in the state, but Platt's Oilgram reports that it
is extremely likely that a buyer will resume local refining, and adds that one
prospective buyer briefly considering dismantling the refinery to ship the parts
Tesoro has promised its customers it will meet its
contractual obligations by bringing in refined products from elsewhere. This
could actually be more profitable for Tesoro, depending on the costs of
maintaining a storage depot, since its mainland refineries are larger and
operate on higher profit margins because of economies of scale. Tesoro has
nonetheless indicated it plans to divest all of its Hawaii operations.
Chevron Corp. owns the other and smaller oil refinery in
Hawaii. It is also in Kapolei. A report on the local petroleum market by UHERO,
the UH Economic Research Organization, concluded that Chevron may also one day
find it economical to replace its refinery with a storage depot and refine
Hawaii oil products somewhere else.