Tesoro Corporation announced its plan to sell its Hawaii operations, including the 94,000 barrel per day Kapolei refinery, 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."
Tesoro Hawaii indicated its operations are focused on continuing to meet all its business commitments during the marketing and sales process.
Tesoro Hawaii anticipates completing the sale no sooner than the second half of 2012, subject to regulatory and other approvals.
Governor Neil Abercrombie said alternative or renewable energy production is a possible option for the refinery.
