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Tesoro Acquires 241 Southern California Gas Stations from Thrifty

SAN ANTONIO, Texas — Tesoro announced today that it will lease from Thrifty Oil Co. 241 retail stations. It said that it will add approximately 290 retail stations to its existing portfolio of nearly 1,200 stations through separate purchase and lease agreements and Thrifty Oil Co. and with SUPERVALU Inc., respectively.
Tesoro is acquiring the Thrifty stations, located primarily in southern California, for an initial term of 10 years; Tesoro will invest $28 million in branding capital. These stations have total fuel sales of 25,000-30,000 barrels per day. Tesoro will take possession of the stations in a phased process, with approximately 190 stations online in 2012 and the balance of approximately 50 stations in 2014.

And as previously reported, Tesoro will purchase 51 Albertson’s Fuel Express stations from SUPERVALU for $34 million, and plans to invest an incremental $5 million in branding capital. These stations are located in Washington, Oregon, California, Nevada, Idaho, Utah and Wyoming with total fuel sales of more than 5,000 barrels per day. Tesoro expects to complete the transaction near the end of 2011.
The majority of both the purchased and leased stations will be marketed under Tesoro’s existing brands.
San Antonio, Texas-based Tesoro is an independent refiner and marketer of petroleum products. Tesoro, through its subsidiaries, operates seven refineries in the western United States with a combined capacity of approximately 665,000 barrels per day. Tesoro’s retail-marketing system includes nearly 1,200 branded retail stations, of which approximately 375 are company operated under the Tesoro, Shell and USA Gasoline brands.
Thanks to CSP Daily news for this information