HONOLULU -- The 31 Tesoro gas stations in Hawaii, which were sold along with Tesoro Corp.'s refinery last year to Par Petroleum, will eventually be rebranded, a spokesperson for the owner of the gas stations told Pacific Business News.
Houston-based Par Petroleum, which last year purchased Tesoro Corp.'s Hawaii refinery and other assets, including its retail gas stations, for $539 million, can only use the Tesoro brand for a limited period of time, said the report.
Lance Tanaka, spokesperson for Par Petroleum subsidiary Hawaii Independent Energy, told the newspaper that HIE Retail, the Par subsidiary that is the legal name for the retail gas station side of its business, is still deciding what the new entity will be.
"Eventually it will have to change," he told the paper. "We have to build a following. We have an agreement with Tesoro to use their name, but it's not infinite. We haven't been told how we are going to handle that."
The company said last month that it expects to complete its purchase of Mid-Pac Petroleum, the exclusive licensee of the "76" brand in Hawaii and the owner of more than 80 retail sites and four terminals across the state, later this year or in early 2015.
The companies expected the $107 million transaction to be finalized in the third quarter of this year.
Tanaka said the company has not made a decision on what brand it will us for the gas stations once the transaction closes, the report said.
In other company news, Par Petroleum announced that it has appointed Joseph Israel to be its new president and CEO effective Jan. 5, 2015.
Israel is the former senior vice president of Hunt Refining Co., and was COO of Alon USA Energy.
The company also announced that William Monteleone, its former CEO, will become Par's senior vice president of mergers and acquisitions, and remain a member of Par's board of directors.
Par Petroleum through its subsidiaries, owns and operates a 94,000-barrel-per-day (bpd) refinery located in Hawaii on the island of Oahu. This refinery, together with substantial storage capacity, a 27-mile pipeline system, terminals and retail outlets, provides a substantial portion of the energy demands of Hawaii.
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