Tesoro refinery purchase finalized - Hawaii News Now - KGMB and KHNL

Tesoro refinery purchase finalized

HONOLULU (AP) - A Houston-based petroleum company has completed the purchase of the Kapolei oil refinery from Tesoro Corp.

The Honolulu Star Advertiser reports Par Petroleum on Wednesday became the fourth owner of the refinery opened 41 years ago with plans to increase production of gasoline, jet fuel and other products.

Par Petroleum also bought Tesoro's 31 gas stations and other assets. The gas stations will continue operating under the Tesoro name.

The price was $75 million in cash and up to $40 million more if the Hawaii operation meets performance targets over three years

Par Petroleum also will pay about $400 million for Tesoro's working capital such as refined petroleum products.

Par Petroleum will operate as Hawaii Independent Energy.

Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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