Americas News
Refinery Owner Looks to Bunker Sales to Boost Market Share
Houston based Par Petroleum says it is looking to the sale of bunkers to help win back its market share in Hawaii, the refinery owner said Monday in its Q2 2014 results earnings conference call.
"Winning back on island market share remains a top priority," said Chairman and CEO Will Monteleone.
"As we have shifted to a North American oriented crude play, we're producing more fuel oil and are reviving our marketing efforts to sell bunker fuel to the many ocean going vessels passing through Hawaii."
Par Petroleum, which acquired Tesoro Corp. Hawaii's 94,000 barrel per day (bpd) Kapolei refinery last year, earlier this year bought Mid-Pac Petroleum, the exclusive licensee of the "76" brand in the state.
"The Mid Pac acquisition allowed approximately 4,200 barrels a day of on island gasoline sales or approximately 25% of our gasoline earnings production year-to-date," Monteleone said.
The company said it also planned to bid on jet / diesel military contracts with volumes beginning on October 1, 2014.
Par Petroleum says its interests in Hawaii now include an integrated refined products business that includes a refinery, 27 miles of pipelines, five refined products terminals, and a single-point mooring and other logistics assets.
