April 7, 2015 [OPIS] - Par Petroleum Corporation has completed the previously announced acquisition of Koko'oha Investments Inc., the parent company of Mid Pac Petroleum based in Honolulu, Hawaii.
The acquisition includes 85 retail outlets and four terminals in Hawaii, for a total purchase price of $107 million plus working capital.
Par had originally expected to close this transaction in the third quarter of 2014.
“The addition of Mid Pac significantly strengthens our marketing position in Hawaii and supports our refinery optimization at higher rates,” said Joseph Israel, president and chief executive officer.
Par Petroleum does not foresee making any staffing changes as they welcome Mid Pac employees to their family of companies.
In September 2013, Par Petroleum finalized the acquisition of Tesoro Hawaii LLC, which included the larger of the state’s two petroleum refineries, related product storage and distribution assets, and 31 Tesoro-branded gasoline stations on Oahu, Hawaii Island and Maui.
Par, through its subsidiaries, owns and operates a 94,000-b/d refinery located in Hawaii on the island of Oahu. This refinery, together with substantial storage capacity, a 27-mile pipeline system, terminals and retail outlets, provides a substantial portion of the energy demands of Hawaii.
Par’s largest oil and gas asset is its investment in Piceance Energy LLC, which owns and operates natural gas reserves located in the Piceance Basin of Colorado.
Par also markets, transports and distributes crude petroleum-based energy products. With significant logistics capability on key pipeline systems, a railcar fleet and a fleet of chartered barge tows, Par believes it has a competitive advantage in moving crude oil efficiently from landlocked locations in the Western U.S. and Canada to the refining hubs in the Midwest, the Gulf Coast and the East Coast.
