Tesoro Corporation and Savage Companies announced the formation of a joint venture between Tesoro Refining & Marketing Company LLC and Savage Industries, Inc. to develop and operate a new 120,000 barrel-per-day (bpd) crude-by-rail unloading and marine loading facility at the Port of Vancouver, Wash., subject to approval by regulatory agencies and Port Commissioners. With access to rail and existing marine infrastructure, the Port of Vancouver is uniquely positioned to serve as a hub for the distribution of North American crude oil to West Coast refining centers. Tesoro and Savage are ideal partners for this project, having already operated in close partnership for almost ten years on the West Coast. The Tesoro-Savage joint venture's combined capabilities, experience and resources are expected to create substantial benefits for the port and the Vancouver community in the form of sustainable revenue to the port and local jobs associated with the facility's construction and operation. The Tesoro-Savage Joint Venture will own the crude unloading and marine loading facilities and will enter into a land lease agreement with the Port for an initial period of ten years. Savage will oversee and manage the design, construction and operation of the facility on the Joint Venture's behalf. The facility is expected to be operational in 2014 and will represent an investment of approximately $75 to $100 million, and will be designed to handle an estimated initial volume of 120,000 bpd with potential near-term expansion capability to 280,000 bpd.

Tesoro Refining and Marketing Company was awarded a $10,638,360 federal contract by the Defense Logistics Agency Energy, Fort Belvoir, Va., for fuel.

Tesoro Refining and Marketing Company was awarded an $81,552,800 federal contract by the Defense Logistics Agency Energy, Fort Belvoir, Va., for fuel.