Tesoro Corp. closed the acquisition of Great Northern Midstream LLC, the company said Jan. 11. The financial details of the transaction will remain confidential, the company added.
Great Northern Midstream owns and operates recently constructed crude oil pipeline, gathering system, transportation, storage and rail loading facilities in the Williston Basin in North Dakota.
The transaction was announced Dec. 8, 2015. It included the 97-mile BakkenLink crude oil pipeline, which connects to several third-party gathering systems; a proprietary 28-mile gathering system in the core of the Bakken, supported by acreage dedication; a 154,000 barrel per day (bbl/d) rail loading and a 657Mbbl storage facility in Fryburg, N.D., which can provide outbound deliveries to the West, East and Gulf coasts.
Greg Goff, chairman, president and CEO, said the assets bolster the company’s capability to provide full-service logistics to North Dakota crude producers. Tesoro will gain direct access to additional crude for its West Coast refineries.
Tesoro Corp. is based in San Antonio.
Recommended Reading
Exclusive: Building Battery Value Chain is "Vital" to Energy Transition
2024-04-18 - Srini Godavarthy, the CEO of Li-Metal, breaks down the importance of scaling up battery production in North America and the traditional process of producing lithium anodes, in this Hart Energy Exclusive interview.
High Interest Rates a Headwind for the Energy Transition
2024-04-18 - Persistent high interest rates will make transitioning to a net zero global economy much harder and more costly, according to Wood Mackenzie Head of Economics Peter Martin.
Scotland Ditches 2030 Climate Target to Cut Emissions by 75%
2024-04-18 - Scotland was constrained by cuts to the capital funding it receives from the British government and an overall weakening of climate ambition by British Prime Minister Rishi Sunak, said Mairi McAllan, the net zero secretary for Scotland's devolved government.
Exclusive: Mitsubishi Power Plans Hydrogen for the Long Haul
2024-04-17 - Mitsubishi Power is looking at a "realistic timeline" as the company scales projects centered around the "versatile molecule," Kai Guo, the vice president of hydrogen infrastructure development for Mitsubishi Power, told Hart Energy's Jordan Blum at CERAWeek by S&P Global.
Google Exec: More Collaboration Needed for Clean Power
2024-04-17 - Tech giant Google has partnered with its peers and several renewable energy companies, including startups, to ramp up the presence of renewables on the grid.