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Tesoro receives FTA clearance for refinery and marketing business acquisitions
Edited by : AL CIRCLE
1 min read
Tesoro Corporation announced that the Federal Trade Commission has cleared the Company's planned acquisition of BP's fully integrated Southern California Refining and Marketing business.
Tesoro also said that itintends to close the acquisition during the second quarter, subject to customary closing conditions. The clearance from the FTC came without any impacts to the assets or operations in the transaction as announced in August of last year.
The purchase price of BP's assets is $1,075 million, plus the market value of inventory, currently estimated at $1,300 million. This amount includes a $100 million purchase price reduction for the clearance with regulatory authorities.
"We are pleased the FTC has concluded its review and we can close this transformational acquisition as planned," said Greg Goff, President and CEO. "This transaction is a unique opportunity for Tesoro to combine the best aspects of two West Coast refining, marketing and logistics businesses resulting in a more efficient world-scale integrated refining, marketing and logistics system."
Tesoro currently owns and operates 263 thousand barrels per day ("mbpd") of refining capacity in the state of California.
Tesoro also said that itintends to close the acquisition during the second quarter, subject to customary closing conditions. The clearance from the FTC came without any impacts to the assets or operations in the transaction as announced in August of last year.
The purchase price of BP's assets is $1,075 million, plus the market value of inventory, currently estimated at $1,300 million. This amount includes a $100 million purchase price reduction for the clearance with regulatory authorities.
"We are pleased the FTC has concluded its review and we can close this transformational acquisition as planned," said Greg Goff, President and CEO. "This transaction is a unique opportunity for Tesoro to combine the best aspects of two West Coast refining, marketing and logistics businesses resulting in a more efficient world-scale integrated refining, marketing and logistics system."
Tesoro currently owns and operates 263 thousand barrels per day ("mbpd") of refining capacity in the state of California.
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