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Old 06-17-2013, 05:19 PM
 
Location: Volcano
12,971 posts, read 26,578,889 times
Reputation: 10704

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They've been trying to find a buyer for a long time...

Quote:
"Tesoro Corp. said today it has signed an agreement with Houston-based Par Petroleum Corp. to sell all of its interest in Tesoro Hawaii, LLC, which operates the 94,000 barrel per day Kapolei refinery, retail stations and associated logistical assets.

As part of the agreement, Par Petroleum intends to operate the assets as an integrated refining, logistics and retail system, Tesoro said in a news release."

Tesoro sells Hawaii refinery to Houston-based company - Hawaii News - Honolulu Star-Advertiser
The Governor said (emphasis mine): “That means not just that jobs are (still) going but we’ll have some continuity at least in the production and distribution right now for energy purposes and it gives us some breathing room in terms of trying to determine the energy future both for importation – manufacturing of energy, if you will – and it’s distribution here in Hawaii.”

Personally I'm not sure how many breaths it really gives us. The buyer just came out of Chapter 11, the refinery is aging and has issues, the overall energy policy for Hawai'i needs major work, and any new infrastructure will require major investments. I sincerely hope we don't squander whatever breathing room this does provide.
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Old 06-17-2013, 08:00 PM
 
13,459 posts, read 11,567,954 times
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Quote:
Originally Posted by OpenD View Post
The buyer just came out of Chapter 11
Gov't bailout?
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Old 06-17-2013, 08:37 PM
 
Location: Volcano
12,971 posts, read 26,578,889 times
Reputation: 10704
Quote:
Originally Posted by hunterseat View Post
Gov't bailout?
I don't see any sign of it. Seems more like typical oil-industry voodoo to me.

In any case, this article has a lot more details about the deal, the financing, etc. for those who like rooting around in this kind of stuff.

HOUSTON: Par Petroleum Corporation Agrees to Purchase Tesoro Hawaii, LLC | Business Wire | Rock Hill Herald Online
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