Archive for the month “September, 2012”

Tesoro has sights set on larger retail role with BP refinery purchase



Tesoro Corp.’s buyout of BP plc’s refinery in California, once finalized, will make the San Antonio petroleum company the biggest refiner in the state and also significantly expand its retail holdings.

Tesoro announced Monday its plans to acquire BP’s 266,000-barrel-per-day refinery in Carson, Calif. However, the purchase also includes a retail network of about 800 dealer-operated gas stations in Southern California, Nevada and Arizona as well as the ARCO and ampm convenience store brands.

These independently owned and operated stores currently buy an average of 245,000 gallons per month wholesale from the BP refinery.

This agreement with London-based BP is expected to bolster Tesoro’s existing retail network, which currently consists of more than 1,375 branded stations — including nearly 590 company owned gas stations that operate under the Tesoro, USA Gasoline and Shell brands.

The Carson refinery is located south of Los Angeles. Tesoro intends to integrate that refinery with its existing 97,000-barrel-per-day refinery in Wilmington, Calif. Tesoro also owns a 166,000-barrel-per-day refinery in Martinez, Calif.

The purchase also includes three marine terminals; four land storage terminals; four product marketing terminals; and more than 100 miles of pipelines. Tesoro will have pipeline access to Los Angeles International Airport.

The total deal is valued at $2.5 billion.

San Antonio-based Tesoro (NYSE: TSO) operates seven refineries in the western United States with a combined capacity of 675,000 barrels per day. That number will jump to eight facilities once the BP refinery acquisition closes — slated for mid-2013.



CBI court postpones Acharya bail plea



HYDERABAD: The CBI court on Friday postponed the bail petition of IAS officer BP Acharya, an accused in the Emaar scam case, to Monday for further hearing. Arguing for Acharya, his counsel V Surendar Rao said, since the key accused in the case, Koneru Rajendra Prasad, had already been granted bail by the AP high court, his client should also be given bail. “The question of tampering with the evidence does not arise as the CBI had filed the chargesheet in the case six months ago,” Acharya’s counsel told court.

Srinivas Reddy seeks bail

BV Srinivas Reddy, an accused in the Obulapuram Mining Company (OMC) case, filed his fourth bail plea in the CBI court on Friday. The CBI has been opposing his bail plea on the ground that Gali Janardhan Reddy’s personal assistant Ali Khan’s examination was not yet over. But since Khan is now in CBI custody and the chargesheet in OMC case has already been filed, Reddy wanted court togrant him bail.

SC puts off hearing in Vakapalli gangrape case

The Supreme Court on Friday suspended for six weeks the order of AP high court directing the Paderu trial court to begin proceedings against the accused cops in the Vakapalli tribal women gangrape case. The SC made this interim order while hearing a plea filed by the accused cops who felt aggrieved by the HC order. The SC issued notices to the authorities and the complainants before admitting the plea and directed that responses be filed.

Hello world!

Welcome to WordPress.com! This is your very first post. Click the Edit link to modify or delete it, or start a new post. If you like, use this post to tell readers why you started this blog and what you plan to do with it.

Happy blogging!

Post Navigation