Tesoro Corporation announced that it has completed the previously announced sale of all of its interests in Tesoro Hawaii, LLC to Hawaii Pacific Energy, LLC for approximately $325 million, which includes net working capital. The transaction includes an earn-out arrangement payable over three years up to $40 million based on consolidated gross margins.

Tesoro Hawaii, LLC operates the Kapolei refinery, a network of retail stations and associated logistical assets. Hawaii Pacific Energy, LLC is a wholly owned subsidiary of Par Petroleum Corporation.

About Tesoro Corporation
Tesoro Corporation (NYSE: TSO), a Fortune 100 company, is an independent refiner and marketer of petroleum products. Tesoro, through its subsidiaries, operates six refineries in the western United States with a combined capacity of more than 845,000 barrels per day. Tesoro's retail-marketing system includes more than 2,200 retail stations under the Tesoro®, Shell®, ARCO® and USA Gasoline(TM) brands, of which 595 are company operated.

About Par Petroleum Corporation
Par Petroleum Corporation is a Houston-based company that manages and maintains interests in a wide variety of energy-related assets. Par is a financially strong company with an active, opportunistic growth strategy. We look for operations with strong fundamentals and great employees who can move the business forward. Par's management team has deep experience in the energy industry and acquiring and integrating energy-related business and assets.

See the site of the refinery of Kapolei