Part 2 Consents
Oil refiner Tesoro Corporation and one of its subsidiaries have agreed to sell their light petroleum products terminal in Boise, Idaho to settle Federal Trade Commission charges that their $335 million acquisition of pipeline and terminal assets from Chevron Corporation would be anticompetitive. Without the divestitures required by the FTC, the deal would have given Tesoro ownership of two of the three full service light petroleum terminals in Boise, significantly reducing competition for local terminal services. The proposed order settling the FTC’s charges resolves these alleged anticompetitive effects by requiring Tesoro to sell the terminal it currently owns in Boise to an FTC-approved buyer within six months of when the order becomes final. Under the proposed order, Tesoro can complete the acquisition of Chevron’s Northwest Products Pipeline and associated terminals immediately after the order is issued. The proposed consent order also contains a separate order to maintain assets, which is designed to preserve the Tesoro’s Boise terminal as a viable, competitive, and ongoing business.