Tesoro to sell LA storage Assets

12.11.15. Tesoro Corporation and Tesoro Logistics LP have announced that subsidiaries of Tesoro have agreed terms for the sale of crude oil and refined product storage and pipeline assets in Los Angeles, California to TLLP for US$500 million.

 

The assets include 97 crude oil, feedstock and refined product storage tanks with combined capacity of 6.6 million barrels and a 50 percent interest in Line 88, a 16 mile pipeline that transports jet fuel from Tesoro’s Los Angeles Refinery to LA International Airport with average throughput of 25,000 bpd.

 

The acquisition price of $500 million will include cash of approximately $250 million and the issuance of common and general partner units to Tesoro, valued at approximately $250 million.