The Journal Record, July 18th, 2001
SAN ANTONIO (AP) -- Tesoro Petroleum Corp. said Tuesday it has agreed to buy two oil refineries and 45 service stations in Utah and North Dakota from BP PLC for $677 million.
BP, formerly called BP Amoco, said the sale fit the company's strategy of focusing its refining business away from gasoline to specialty lines such as chemicals.
Tesoro said it will borrow to finance the purchase, which it expects to complete in the fourth quarter after securing regulatory approval.
The refineries, in Mandan, N.D., and Salt Lake City, Utah, mainly produce gasoline.
The deal also includes storage, pipe...
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