HOUSTON – Fresh off its acquisition of 85 gas stations and convenience stores and four terminals in Hawaii from Koko'oha Investments--the parent company of Mid Pac Petroleum--Par Petroleum Corp. will reveal a new branding strategy aimed at bringing more awareness and solidifying its presence in the Aloha State, president and CEO Joseph Israel told Pacific Business News.
Par Petroleum closed on the $107-million acquisition of Mid-Pac in early April. In 2013, Par Petroleum's subsidiary, Hawaii Independent Energy (HIE) and HIE Retail LLC, closed on its purchase of the former Tesoro Corp.’s Hawaii refinery and other assets, including 31 Tesoro-branded gas stations for close to $400 million.
The two deals bring Par Petroleum’s gas station total to 116 in the state. The stations hold different brands, including Tesoro, 76 and 7-Eleven.
Late last year, Lance Tanaka, spokesperson for Par Petroleum, told PBN that the Tesoro gas stations in Hawaii will be rebranded, although no timeframe has been set.
Israel said that in two to three months, the company will have a branding strategy that it will be able to communicate and execute with the market, said the report.
“We may end up with one, two or three brands,” he said, noting that the company has engaged OmniTrak Group, a Honolulu research and market planning firm, to do the research.
Currently, OmniTrak is doing surveys and putting together focus groups for the rebranding effort, the report said.
Israel also said that Par Petroleum’s main market is Hawaii, and that the company is planning on being in the state for a while.
“We can grow in Hawaii, [but] just to the market’s limits--as [much] as the state will allow us,” he told the newspaper.
Par Petroleum, with headquarters in Houston, is a growth-oriented integrated refiner and marketer of petroleum products. Through its subsidiaries, Par Petroleum owns and operates a 94,000-barrels-per-day (bpd) refinery with related logistics and retail network in Hawaii. It also transports, markets and distributes crude oil from the western United States and Canada to Hawaii and other refining hubs in the Midwest, the Gulf Coast and the East Coast.
Click here to view the full PBN report.
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