Tesoro Corp. has agreed to acquire Flint Hills Resources’ wholesale marketing and logistics assets in Anchorage and Fairbanks, Alaska, the company announced today. The deal includes a 580,000-barrel terminal in Anchorage, a 22,500-barrel terminal at a Fairbanks airport and all of Flint Hills’ wholesale fuel marketing contracts in Alaska. Tesoro will also have a multi-year agreement at Flint Hills’ North Pole terminal that will provide rail offload capability and access to Alaska’s interior.
The transaction is expected to close within 60 days. It will not include Flint Hills’ shuttered North Pole refinery.
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