Tesoro Corp. has agreed to acquire Great Northern Midstream, which owns crude oil logistics assets including a pipeline and rail and storage facilities in North Dakota’s Williston Basin. Tesoro will integrate the acquired assets into its nearby Tesoro High Plains Pipeline system, providing its own West Coast facilities with cost-effective access to Bakken crude and market access for producers in the region.
The deal includes a 97-mile crude oil pipeline that connects to several third-party gathering systems, a proprietary gathering system, a 154,000-barrel-per-day rail loading facility and a 657,000-barrel storage facility.
The transaction is expected to close in the first quarter of 2016.
Last month Tesoro agreed to acquire logistics and marketing assets in Alaska from Flint Hills Resources, including a 580,000-barrel terminal in Anchorage and a 22,500-barrel terminal at a Fairbanks airport.
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