Tesoro Offers To Sell Hawaii Refinery; Likely To Result In Shutdown

CFW View: Tesoro has offered to sell its ailing 94,000b/d Hawaii refinery 'no sooner' than H212, but is unlikely to find a buyer due to difficult market conditions and the location of the plant. Consequently, we believe the facility is likely to be shutdown and converted into a storage terminal, with the possibility it might be, at least in part, relocated closer to

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