WASHINGTON, June 17 Oil refiner Tesoro Corp
won approval from U.S. antitrust regulators to buy
Northwest Products Pipeline system and related assets from
Chevron Corp, on the condition it sells a petroleum
terminal in Boise, Idaho.
Tesoro struck a deal in December to buy the assets from
Chevron for $400 million but lowered the price in May to $355
million after a renegotiation.
As part of the deal, Tesoro bought the 760-mile pipeline,
along with a series of terminals.
The Federal Trade Commission said on Monday that with
ownership of two of the three full service light products
terminals the proposed transaction would have given the company
too much power in the Boise market and therefore required the
sale of one terminal.
The FTC said it would allow Tesoro to close the transaction
immediately, but sell the terminal within six months.
In a separate transaction, Tesoro won antitrust approval in
May to buy a BP refinery in southern California without
being required to sell any assets. That transaction was worth
Tesoro closed at $57.61 per share and Chevron at $121.22 on
the New York Stock Exchange, each up 0.8 percent.