Tesoro to acquire Kauai Petroleum

Tesoro Corp. has agreed to purchase Kauai Petroleum Co. Ltd., a privately held company based in the Garden Isle.
As part of the agreement, Tesoro (NYSE: TSO) will acquire the company's four retail locations, its trucking assets and a product terminal at Nawiliwili.
"This acquisition reflects our continued interest in expanding our operations where we have market synergies," said Bruce A. Smith, chairman, president and CEO of Tesoro Corp. "Since the island of Kauai is the fourth-largest fuel market in Hawaii and has the fastest growing jet fuel demand, we believe this acquisition will provide another strategic outlet for our gasoline and jet fuel production from our Kapolei refinery on Oahu."
The San Antonio, Texas-based Tesoro expects to close the purchase by the end of June, following its due diligence and approval by shareholders.
It plans to keep current employees, pending the successful completion of background screening and pre-employment checks.