Wednesday, September 16, 2009

Tesoro moves first oil to Pacific on reversed Panama line

HOUSTON - Tesoro Corp. shipped its first barrels of crude oil from the Atlantic to the Pacific Basin on a reversed Panama pipeline, the company said on Aug. 27.
Reversal of the 81-mile (Petroterminal de Panama pipeline, which formerly flowed from the Pacific to the Atlantic, creates a new oil conduit from the Atlantic to the Pacific and gives Tesoro access to more crude for its refineries in California, Washington, Hawaii and Alaska, the company said.
"In addition to exposing Tesoro to an array of crude oils typically marketed in the Atlantic Basin, our abilities to utilize the tankage dedicated for Tesoro's exclusive use at PTP and the reversed pipeline are expected to afford our company strategic advantages related to freight, storage, blending, and delivery scheduling optimization," said Doug Koskie, vice president of arbitrage trading for Tesoro
Refining and Marketing Company.

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