Attorney General Approves Sale of Tesoro Fuel Terminal to Petro Star
May 2, 2017 (Anchorage, AK) – Tesoro Alaska Petroleum Company has entered a purchase and sale agreement that will transfer ownership of Tesoro’s Terminal 1 at the Port of Anchorage to Petro Star, Inc. The State of Alaska required the sale of Terminal 1 in order to preserve competition in Alaska’s fuel market. The State imposed the requirement as part of a consent decree entered between the State and Tesoro when Tesoro sought to purchase most of Flint Hill’s fuel storage assets in Anchorage and Fairbanks.
“Alaska has some of the highest fuel costs in the country. With the loss of Flint Hills, our goal in requiring the sale of Terminal 1 is to increase and encourage competition for the sale of fuel by bringing a new competitor into this market,” said Attorney General Jahna Lindemuth. “We are happy to see that Petro Star, the only other commercial refiner in Alaska, will have an opportunity to expand into Southcentral Alaska and provide new competition for fuel.”
Tesoro owns two other terminals at the Port of Anchorage, and recently acquired the Flint Hills terminal. In addition to Tesoro and Petro Star, Delta Western and Crowley also own storage capacity at the Port of Anchorage.
For questions, please contact Assistant Attorney General Ed Sniffen at 269-5100 or email@example.com.