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Tesoro Corporation to sell LA storage and pipeline assets

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World Pipelines,

Tesoro Corporation and Tesoro Logistics LP (TLLP) has announced that subsidiaries of Tesoro have agreed upon terms for the sale of crude oil and refined product storage and pipeline assets in Los Angeles, California (the Los Angeles refinery storage and handling assets) to TLLP for a total consideration of US$500 million. The assets include 97 crude oil, feedstock and refined product storage tanks with combined capacity of 6.6 million bbls and a 50% interest in Line 88, a 16 mile pipeline that transports jet fuel from Tesoro's Los Angeles Refinery to the Los Angeles International Airport with average throughput of 25 000 bpd.

The acquisition price of US$500 million will include cash of approximately US$250 million and the issuance of common and general partner units to Tesoro, valued at approximately US$250 million. The transaction is expected to close later this week.

Adapted from press release by Rosalie Starling

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