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Tesoro Logistics to buy storage and pipeline assets from Tesoro for $500M

Nov. 10, 2015 5:10 PM ETAndeavor Logistics LP (ANDX) StockANDV, ANDXBy: Carl Surran, SA News Editor
  • Tesoro Logistics (TLLP) agrees to acquire storage and pipeline assets in Los Angeles owned by subsidiaries of refiner Tesoro (TSO) for $500M.
  • The assets include 97 crude oil, feedstock and refined product storage tanks with combined capacity of 6.6M barrels, and a 50% interest in Line 88, a 16-mile pipeline that transports jet fuel from TSO's Los Angeles refinery to the Los Angeles International Airport with average throughput of 25K bbl/day.
  • TLLP says the $500M price includes $250M in cash and the issuance of $250M in common and general partner units to TSO, and expects the deal to be immediately accretive to unitholder distributions.

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