Tesoro Downsizing

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Tesoro Downsizing

SAN ANTONIO -- Tesoro Petroleum Corp, an independent refiner and marketer, signed three separate deals to sell 70 Northern California convenience stores for $67 million in cash.

The sale, which includes $5 million in working capital, is expected to close in December. The companies involved in the purchase were USA Petroleum Corp., Green Valley Gasoline LLC and a combination of Nella Oil Co and Flyers L.L.

Tesoro operates 290 2Go and Mirastar convenience stores on the West Coast and manages a branded network of some 450 stores. The Mirastar brand is marketed exclusively at Wal-Mart stores through a marketing partnership launched by the two companies in 2000. The oil company operates six refineries in the United States with a combined capacity of nearly 560,000 barrels per day.

Tesoro also said it was in discussions with federal antitrust regulators on a previously announced deal to sell its Northern Great Plains pipeline to Williams Energy Partners for $110 million. But Tesoro added it now has the right to begin discussions with other potential buyers if it chooses.