Tesoro To Sell Hawaii Operations

By Catherine Cruz
Published On: Jan 10 2012 04:09:17 AM HST
Updated On: Jan 10 2012 09:21:34 PM HST

Tesoro Corporation announced its plans to sell its operations in Hawaii. The company says it produces half of the state's jet fuel and is the only producer of asphalt in Hawaii.

HONOLULU -

Tesoro Corporation announced its plan Tuesday to sell its Hawaii operations no sooner than the second half of 2012, according to a news release by the company.

Tesoro said the sale will include the 94,000 barrel per day refinery in Kapolei, operations at 32 retail stations and all associated logistical assets.

"Following a comprehensive analysis, we've determined that our business in Hawaii does not align with our strategic focus on the Mid-Continent and West Coast, and can provide greater value for a company that will invest in the business and employees," said Greg Goff, president and CEO of Tesoro. "While the Hawaii business is no longer in line with our vision for Tesoro's future, there is no question that it offers value for the right investor."

Governor Neil Abercrombie released the following statement Tuesday:

"In recent years, I have indicated that refineries in Hawai'i would likely experience changes given the circumstances in the global market. Today I spoke with Tesoro President and CEO Gregory Goff who informed me that the company will sell its Hawai'i refinery in the upcoming months."

"We will work with Tesoro and all key players, including the Pacific Command and the Congressional Delegation, in power and fuel production and distribution to ensure continuity of resources is provided during and after this sale."

"Mr. Goff has assured me that the company is willing to consider use of its facilities for production of alternative energies and I am committed to working towards this goal."

"In the meantime, we must remind ourselves that the move towards alternative or renewable energies is essential to Hawai'i?s survival. Although my administration is committed to taking action in this direction, there must be an equal commitment by everyone ? government, business, community, family, and individuals ? to reduce our dependence on fossil fuels."

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