Tesoro Corp. has announced that its Alaska affiliate will purchase a portion of Flint Hills Resources assets in Fairbanks and Anchorage.
The Fairbanks Daily News-Miner reports that under the agreement, Tesoro Alaska will acquire a terminal at Fairbanks International Airport, including storage for 22,500 barrels of jet fuel. The San Antonio, Texas-based company has agreed to a multi-year contract with the North Pole terminal to provide better access to Interior Alaska.
The deal also includes the purchase of all Flint Hills’ wholesale fuel marketing contracts in Alaska. Tesoro will also gain an Anchorage terminal with 580,000 barrels of in-service storage capacity, a truck rack and rail loading capability.
The former Flint Hills refinery in North Pole is not included in the purchase.
The deal is expected to finalize before February.
