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SAN ANTONIO -- Tesoro Corp. announced it will add 292 retail stations through separate purchase and lease agreements with Supervalu Inc. and Thrifty Oil Co. Once the acquisitions are complete, Tesoro will be the operator of nearly 1,500 stores nationwide.
Tesoro is buying 51 Albertsons Fuel Express stations from Supervalu for $34 million (see separate story). According to a Tesoro press release, it will also invest another $5 million in branding capital.
The Albertsons stations are located in Washington, Oregon, California, Nevada, Idaho, Utah and Wyoming and sport combined fuel sales of more than 5,000 barrels a day. Tesoro expects to complete the transaction by the end of this year.
The independent refiner and petroleum marketer will lease 241 retail locations from Thrifty Oil for an initial 10-year term. Nearly all of the stations are located in southern California. According to Tesoro, it will invest $28 million in branding capital for these locations.
The 241 Thrifty locations deliver combined fuel sales of 25,000 to 30,000 barrels per day. Tesoro said it take possession of 190 of the stations in 2012. The balance will become Tesoro stations in 2014.
"The combined purchase and lease of these stations strengthens our refining and marketing by about 12 percent, adds profitable and secure outlets for our refined products and improves our company's overall portfolio of retail assets," said Greg Goff, Tesoro's president and CEO.