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KAPAA, Hawaii--Kauai Petroleum is being sold to San Antonio-based Tesoro because of rising gas prices and escalating regulations, reported the Associated Press.
Kauai Petroleum President and General Manager Baltazar Manibog said in the report it became too expensive to comply with environmental, governmental and security requirements. He also stated the company was too small to compete, according to AP.
Kauai Petroleum's three-thousand shareholders are expected to vote on the deal at the end of June. Manibog told AP that shareholders have signaled they will approve it.
Tesoro would assume control of Kauai Petroleum's four Union 76 service stations, the Nawiliwili gasoline terminal and all trucking assets.
Tesoro plans to offer employment to the company's 18 employees, AP reported.