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US: Big oil deal approved, with conditions

By  |  June 18, 2013

Tesoro Corp has reportedly earned approval from the Federal Trade Commission to acquire Chevron Corp’s Northwest Products Pipeline system and additional assets, but the deal was not green-lit without concessions. According to reports, the FTC will require Tesoro to sell a petroleum terminal in Idaho. The deal, which was made between the parties for $355 million after an initial $400 million offer, is also allowd to be immediately finalized, though the FTC will need the Idaho terminal sold within the next six months. This is the second major acquisition for Tesoro after it was approved last month to buy a BP refinery in California for $2.5 billion.

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