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SAN ANTONIO -- Tesoro Corp. reached an agreement to acquire the existing Shell-branded wholesale supply contracts in North Dakota, South Dakota, Minnesota, Utah and most of Idaho, which represent approximately 300 Shell-branded stations.
"Shell has one of the most recognized retail gasoline brands in the world and we are pleased to expand our usage of the brand," Everett Lewis, executive vice president and COO of Tesoro, said in a statement.
Under the terms of the agreement, Tesoro may grow the Shell brand through retail stations in these areas. The sites are anchored by the company's refineries in Mandan, N.D. and Salt Lake City, according to Tesoro. A call to the company for more details was unreturned by press time.
The transaction will become effective Jan. 1, 2011. As a result of the deal, the Tesoro retail system will boast approximately 650 Shell-branded stations. Tesoro's retail-marketing system includes more than 875 branded retail stations, of which more than 380 are company-operated under the Tesoro, Shell, Mirastar and USA Gasoline brands.