US oil refiner, Tesoro Corp., recently stated it would buy Western Refining Inc. for USD $4.1 billion to add refineries in Texas, New Mexico and Minnesota. The combined company will have refining capacity of over 1.1 million barrels per day. Tesoro has refineries in California, Washington, Alaska, Utah and North Dakota.
“The acquisition of Western further strengthens our integrated business model and extends our portfolio into attractive and growing markets,” said Tesoro Chief Executive Greg Goff, who will lead the combined company. The deal is expected to close in the first half of 2017.