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Chenault Marks Signing of Tesoro Royalty Contract Bill

Governor’s HB 287 will benefit Nikiski and Kenai Peninsula economy

Tuesday, July 29, 2014, Kenai, Alaska – Alaska Speaker of the House Mike Chenault today released the following statement marking Governor Sean Parnell’s signing of House Bill 287, the Tesoro royalty oil refinery contract renewal and refinery incentives bill.

Speaker Chenault heralded the bill’s passage and thanked the governor and legislature for passing the bill which will provide a stable tax base and jobs for the Kenai Peninsula and his district, including the refinery site in Nikiski. HB 287 extends Tesoro’s contract with the state to refine its royalty oil until Jan. 31, 2016.

“This contract ensures Tesoro has the certainty it needs to keep production running for the near term. The refinery is a boon to the local economy and provides family-sustaining jobs to residents on the Upper Kenai Peninsula, not to mention the tax base for the Borough. Tesoro has been a fine partner for the Kenai for many years, and I am glad we as a legislature were able to work together, with the governor, to ensure they can remain.

“Thanks to the governor for proposing this bill. The refinery is vital to my district, and to the state.”

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