July 4, 2016 [OPIS] - Tesoro Corporation said on Friday that it will sell to Tesoro Logistics LP (TLLP) its recently acquired oil storage and terminalling assets in Alaska to TLLP for a total consideration of $444 million.
The Alaska Storage and Terminalling Assets include crude oil, feedstock and refined product storage tanks with combined capacity of approximately 3.5 million bbl in Kenai, Alaska, with connectivity with TLLP’s Tesoro Alaska Pipeline and Nikiski Products Terminal and Tesoro’s Kenai Refinery.
TLLP will also take over refined product terminals in Anchorage and Fairbanks with combined storage capacity of over 600,000 bbl, expected throughput of 10,400 b/d and rail loading of 7,000 b/d.
The transaction is expected to close in two stages. The storage portion of the acquisition closed today. The acquisition of the Anchorage and Fairbanks terminals is expected to close later in the third quarter once the Consent Decree with the State of Alaska becomes effective.
This agreement is related to Tesoro’s acquisition of the Flint Hills Resources assets, which closed on June 20, 2016.
