HOUSTON, June 2, 2014: Porter Hedges represented Par Petroleum Corporation (“Par Petroleum”), parent company of Hawaii Independent Energy, LLC, in the $107 million acquisition of Koko’oha Investments, Inc., the parent company of Mid Pac Petroleum, LLC (“Mid Pac”). Mid Pac is the exclusive licensee of the “76” brand in Hawaii and owner of more than 80 retail sites and four terminals across the state.
In September 2013, Par Petroleum finalized the acquisition of Tesoro Hawaii, LLC, which included the larger of the State’s two petroleum refineries, related product storage and distribution assets, and 31 Tesoro-branded gasoline stations on Oahu, Hawaii Island and Maui. Porter Hedges represented Par Petroleum in this transaction as well.
Par Petroleum is a Houston-based company that manages and maintains interests in a variety of energy-related assets. Through its subsidiaries, the company owns and operates a 94,000 bpd refinery located in Hawaii on the island of Oahu. This refinery, together with significant storage capacity, a 27-mile pipeline system, terminals, and retail outlets, provides a substantial portion of the energy demands of Hawaii.
Mid Pac is a Hawaii-based petroleum marketer and distributor that has 150 employees and distributes gasoline and diesel through more than 80 retail locations throughout the state. It also owns and operates petroleum product terminals and trucking operations in Hawaii and is the first petroleum retailer on Oahu to offer biodiesel to customers.
Hawaii Independent Energy is a leading provider of transportation fuels in Hawaii and its refinery in Kapolei is the larger of the state’s two oil refineries. The company supplies 31 Tesoro-branded retail stations on Oahu, Maui and the Big Island.
For additional information, please see Par Petroleum press release here.