SAN ANTONIO -- Federal antitrust regulators have cleared the sale of Shell Oil Co.'s Wilmington refinery and 250 Southern California retail gas locations to San Antonio-based independent oil company Tesoro Corp.
The government has completed its investigation of the sale and the mandatory waiting period on the transaction has expired, according to a notice issued Thursday by the Federal Trade Commission, reported the Los Angeles Business Journal.
Tesoro Corp.'s $1.6 billion purchase of the oil refinery and retail gas stations [image-nocss] will bring a new player into the California market, but it will have a minimal impact on gas prices, experts said, according to the report.
Tesoro also bought an additional 140 USA-branded California stations in a separate $277 million deal. The acquisitions give Tesoro about 4.2% of the state's retail gas market.
Tesoro Corp. is a Fortune 200 and a Global Fortune 500 company with approximately 4,000 employees, revenues of over $16 billion during 2005 and a market capitalization of more than $5 billion as of June 30, 2006.
As a leading independent refiner and marketer of petroleum products, Tesoro operates six refineries primarily in the western United States with a combined crude oil capacity of more than 560,000 barrels per day.
Tesoro's retail marketing system includes over 450 branded retail stations, of which approximately 200 are company operated under the Tesoro and Mirastar brands.
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