Par Petroleum Completes Mid Pac Acquisition
Deal included 85 gas stations, convenience stores, four terminals in Hawaii
HOUSTON -- Par Petroleum Corp. has announced that it has completed the previously announced acquisition of Koko'oha Investments Inc., the parent company of Mid Pac Petroleum LLC based in Honolulu.
The acquisition includes 85 gas stations and convenience stores and four terminals in Hawaii, for a total purchase price of $107 million plus working capital.
"We are excited to welcome a strong and successful organization under Jim Yates' leadership to the Par family. The addition of Mid Pac significantly strengthens our marketing position in Hawaii and supports our refinery optimization at higher rates," said Joseph Israel, president and chief executive officer.
Par Petroleum created a wholly owned subsidiary, Hawaii Independent Energy (HIE) and a refiner and marketer of petroleum products headquartered in Honolulu, to run the operations.
Par Petroleum, based in Houston, is a growth-oriented integrated refiner and marketer of petroleum products. Through its subsidiaries, Par Petroleum owns and operates a 94,000-barrel-per-day (bpd) refinery with related logistics and retail network in Hawaii. It also transports, markets and distributes crude oil from western United States and Canada to Hawaii and other refining hubs in the Midwest, the Gulf Coast and the East Coast. In addition, Par Petroleum owns 33% of Piceance Energy LLC, which has natural gas production and reserves located in the Piceance Basin of Colorado.