HOUSTON — Par Petroleum Corp. announced Wednesday that its subsidiary, Hawaii Pacific Energy LLC., has completed its purchase of Tesoro Hawaii, LLC. from Tesoro Corp.
The purchase price is comprised of $75 million in cash plus market value of net working capital and a contingent earnout payment of up to $40 million.
The acquired assets include a 94,000 barrel per day-capacity refinery; storage capacity for 2.4 million barrels of crude oil and 2.5 million barrels of refined products; and related logistics assets, including five refined product terminals, 27 miles of pipelines and a single point mooring terminal, the company said in a press release.
In addition, HPE has rights to sell gasoline through a network of 31 Tesoro-branded retail stations in Hawaii. Tesoro Hawaii, which will be renamed Hawaii Independent Energy, LLC (HIE), will operate as a separate wholly-owned subsidiary of Par Petroleum and will be based in Oahu.