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Tesoro complete California refinery purchase

Posted: Sunday, May 19, 2002

SAN ANTONIO, Texas (AP) -- Tesoro Petroleum Corp., which owns a refinery in Nikiski, Friday completed its billion-dollar acquisition of a refinery and 70 gas stations in California.

The refinery near San Francisco was sold by Valero Energy Corp. to asnwere antitrust concerns.

The California facility can process up to 168,000 barrels of oil each day.

The purchase give Tesoro six refineries altogether with a total capacity of nearly 560,000 barrels daily. It now owns 250 gas stations and has 750 operating under its brands in the West.

Tesoro stock suffered a major selloff last week after company executives indicated during a meeting with analysts that there was some doubt about whether the sale would close. Valero later made some concession on price and financing.

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