December 12, 2013 [Business Journal] - Tesoro Logistics LP has closed its $650 million purchase of the remaining Los Angeles logistics assets owned by affiliated Tesoro Corp.
Those pipelines, oil-storage terminals and other assets were held by Tesoro Corp.’s Tesoro Refining & Marketing CompanyLLC subsidiary.
Both Tesoro Logistics and refiner Tesoro Corp. are headquartered in San Antonio.
Tesoro Corp. took in net proceeds of $1.1 billion from the transaction, officials say. Those funds cover nearly half of its recent $2.4 billion purchase of British oil giant BP’s Carson, Calif., refinery and other assets.
“Using Tesoro Logistics to fund the acquisition is driving significant value to Tesoro’s shareholders,” Tesoro CEO and President Greg Goff said in a written statement.
The Los Angeles assets involved in the transaction include two marine terminals, 100 miles of active pipelines, dedicated crude and refined-products storage terminals and a petroleum-coke handling and storage facility.
