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July 21, 2014
16:46 EDTTSOTesoro to launch new petrochemical feedstock project
Tesoro announced plans to produce petrochemical feedstock in its U.S. West Coast refining system. The company intends to gather intermediate feedstock, primarily reformate, from its West Coast refining system for xylene extraction at Anacortes, Washington. The initial investment, estimated to be around $400M, is designed to recover up to 15K barrels per day of mixed xylene. The mixed xylene will mainly be exported to Asia and is used to make polyester fibers and films for clothing, food packaging and beverage containers. The project is expected to generate competitive returns similar to other recent capital projects by Tesoro. Startup of the new facilities is expected to be in 2017. A final investment decision is expected by year-end.
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November 23, 2015
16:09 EDTTSOTesoro to acquire Flint Hills Resources' marketing/logistics assets in Alaska
Tesoro through its affiliate Tesoro Alaska Company, has agreed to acquire Flint Hills Resources' wholesale marketing and logistics assets in Anchorage and Fairbanks, Alaska. "This investment represents our commitment to efficiently and reliably serve customers in the state of Alaska," said Greg Goff, Chairman, President and Chief Executive Officer of Tesoro Corporation. "We have been a part of the Alaska community since 1969, and over the last five years we have invested more than $300 million dollars in our Alaska operations. We look forward to continuing our operations in the state. "This transaction includes: all FHR wholesale fuel marketing contracts in Alaska; an Anchorage terminal with 580,000 barrels of total in-service storage capacity, a truck rack, and rail loading capability; a Fairbanks airport terminal that includes 22,500 barrels of in-service jet fuel storage and truck rack; and a multi-year terminalling agreement at FHR's North Pole terminal, which will provide efficient rail offload capabilities and provide Tesoro access to Alaska's Interior. The former FHR North Pole refinery is not part of this acquisition.This transaction also improves Tesoro's ability to serve customers from its existing Anchorage terminal, as a result of Tesoro gaining access to rail loading capabilities located at the FHR Anchorage terminal. This extends Tesoro's ability to efficiently and reliably serve the Alaska interior. Tesoro expects to offer qualified third parties access to the FHR Anchorage terminal. The transaction is expected to close within 60 days, pending completion of transition, planning and required consents and approvals.

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