Tesoro Acquires Pipeline

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Tesoro Acquires Pipeline

11/05/2001
SAN ANTONIO

Tesoro Petroleum Corp. has closed on its acquisition of a crude oil pipeline and gathering system from London-based BP Plc.

The purchase price was $90 million, the companies said. This transaction completes Tesoro's purchase of certain refining and marketing assets from BP.

The pipeline and gathering system is the primary crude supply source for Tesoro's Mandan, N.D., refinery, which also was acquired from BP.

Tesoro, an independent refiner and marketer of petroleum products, now operates five refineries in the western United States, with a combined crude capacity of 390,000 barrels per day. The company's marketing system includes more than 600 branded retail stations, of which approximately 170 are company-owned.