HOUSTON, March 14 (Reuters) - Independent U.S. refiner Tesoro Corp is evaluating the future of its 93,500 barrel per day (bpd) Kapolei, Hawaii refinery, according to reports in Honolulu newspapers.
The review is part of a general review of the company's seven refineries, which are based in the western United States, Alaska and Hawaii, and could lead to the Hawaii plant becoming a fuels terminal, the reports said.
The Honolulu Advertiser quoted Tesoro Senior Vice President Lynn Westfall as saying the Hawaii refinery lost money in 2009 and was continuing to lose money this year.
'We're watching it very carefully,' Westfall said in an interview reported by the Hawaii Star-Bulletin. 'We owe it to our shareholders to look at all our facilities. We know there is a clock ticking, and we have no deadline in mind, but it's something you can't just hide your head from and pretend it will go away.'
Chevron Corp also considered converting its 54,000 bpd Hawaii refinery into a terminal, but recently said it would continue to operate the refinery.
In February, Tesoro said the Hawaii refinery had a reduced throughput of 69,000 bpd in 2009 and a gross refining margin of $3.62 a barrel, down compared to throughput of 71,000 bpd and refining margin of $6.72 per barrel a year earlier.
((Reporting by Erwin Seba, Editing by Gary Crosse))
((erwin.seba@thomsonreuters.com; +1-713-210-8508; Reuters Messaging: erwin.seba.reuters.com@reuters.net)) Keywords: REFINERY TESORO/HAWAII (For help: click 'Contact Us' on your desktop, click here or call 1-800-738-8377 for Reuters Products and 1-888-463 -3383 for Thomson products. For client training: training.americas@thomsonreuters.com; +1-646-223-5546) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
The review is part of a general review of the company's seven refineries, which are based in the western United States, Alaska and Hawaii, and could lead to the Hawaii plant becoming a fuels terminal, the reports said.
The Honolulu Advertiser quoted Tesoro Senior Vice President Lynn Westfall as saying the Hawaii refinery lost money in 2009 and was continuing to lose money this year.
'We're watching it very carefully,' Westfall said in an interview reported by the Hawaii Star-Bulletin. 'We owe it to our shareholders to look at all our facilities. We know there is a clock ticking, and we have no deadline in mind, but it's something you can't just hide your head from and pretend it will go away.'
Chevron Corp also considered converting its 54,000 bpd Hawaii refinery into a terminal, but recently said it would continue to operate the refinery.
In February, Tesoro said the Hawaii refinery had a reduced throughput of 69,000 bpd in 2009 and a gross refining margin of $3.62 a barrel, down compared to throughput of 71,000 bpd and refining margin of $6.72 per barrel a year earlier.
((Reporting by Erwin Seba, Editing by Gary Crosse))
((erwin.seba@thomsonreuters.com; +1-713-210-8508; Reuters Messaging: erwin.seba.reuters.com@reuters.net)) Keywords: REFINERY TESORO/HAWAII (For help: click 'Contact Us' on your desktop, click here or call 1-800-738-8377 for Reuters Products and 1-888-463 -3383 for Thomson products. For client training: training.americas@thomsonreuters.com; +1-646-223-5546) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.