Tesoro Corporation (NYSE:TSO), to become Andeavor on August 1, 2017, today announced it has reached a definitive agreement with Petróleos Mexicanos (Pemex) for terminaling and transportation services in Mexico.
The agreement will enable Tesoro to supply transportation fuels in the Mexican states of Sonora and Baja California.
Earlier this summer, Tesoro was awarded capacity in the Open Season for Northwest Mexico on the Pemex oil products pipeline and storage terminals.
The final agreement with Pemex has now been signed and Tesoro will soon begin to move products in the country through this arrangement.
"The expansion of our strategic footprint to include Northern Mexico strengthens our integrated value chain with significant growth opportunities for our marketing business," said Greg Goff, Chairman, President and CEO.
"We are excited about Mexico and the opportunity to create value for the Company, customers, business partners and communities."
Tesoro plans to integrate supply to Mexico with its West Coast Refining and Logistics system and market products in country under the ARCO® brand.
About Tesoro Corporation
Tesoro Corporation, soon to become Andeavor, is an independent refiner and marketer of petroleum products.
Tesoro, through its subsidiaries, operates 10 refineries in the western United States with a combined capacity of approximately 1.2 million barrels per day and ownership in a logistics business, which includes interest in Tesoro Logistics LP (NYSE: TLLP) and Western Refining Logistics, LP (NYSE: WNRL) and ownership of their general partners. Tesoro's retail-marketing system includes approximately 3,000 retail stations marketed under multiple well-known fuel brands, including ARCO®, SuperAmerica®, Shell®, Exxon®, Mobil®, Conoco®, Tesoro®, USA Gasoline(TM) and Giant®.
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