VANCOUVER, Wash., Sept. 17, 2015 (GLOBE NEWSWIRE) — Tesoro Corporation (NYSE:TSO), along with Savage and BNSF Railway, today gave local business leaders an opportunity to observe and learn about the enhanced safety features of Tesoro’s new DOT 120 crude oil rail cars at the Port of Vancouver USA.
In addition to showcasing the rail cars, officials with Tesoro and Savage, who are joint venture partners in the proposed Vancouver Energy terminal at the Port of Vancouver USA, presented new public opinion research results showing strong support for the terminal by voters in Clark County.
The event focused on crude oil-by-rail safety in Washington state; the safe operations and handling of crude oil at the Port of Vancouver USA and proposed Vancouver Energy crude oil-by-rail to marine loading terminal; and the DOT 120 rail cars’ additional features that make them safer and better equipped to transport crude oil than previous models. The rail cars meet the safety requirements of the new U.S. Department of Transportation standard with a thicker tank shell, full-height head shields, a tank jacket and upgraded bottom outlet valve handle. Features that exceed the new standard include a thicker tank head than required; both thermal protection and a high-flow pressure relief valve; protective housing for the manway; and two times the rated tank test pressure.
Tesoro began working with Union Tank Car Company in February 2014 – more than a year ahead of new federal safety regulations – to develop the safety-enhanced rail cars consistent with Tesoro’s commitment to continually improve its fleet and be a leader in the safe transportation of crude oil-by-rail.
“These new rails cars, which were designed well in advance of federal regulations, showcase Tesoro’s commitment to safe crude oil-by-rail transportation,” said CJ Warner, Tesoro Executive Vice President of Strategy and Business Development. “Forward thinking and actions toward the continual improvement of crude oil-by-rail are two reasons why Savage and Tesoro have an exemplary history of safe handling and transport of crude oil.”
The polling results, from a survey conducted by Portland-based DHM Research this summer, reaffirm previous polling indicating that 68 percent of registered voters in Clark County support the development of the Vancouver Energy terminal. The results are consistent with findings from a similar DHM survey of registered voters in 2014.
“The results confirm Clark County residents continue to support Vancouver Energy for the great jobs and economic value it will create,” Warner said. The results also show that 70 percent of Clark County voters think the U.S. should be developing its energy reserves to make the nation more energy independent.
“The mid-continent crude oil that will come to Vancouver Energy by rail is important for our country’s energy future,” said Nathan Savage, Senior Vice President and Group Leader of Savage’s Oil & Gas Solutions Group. “It can reduce foreign oil imports to the West Coast by 30 percent and improve our balance of trade and national security. Safely transporting, refining and using our resources as our country transitions to alternative fuel sources over the next several decades is a smart use of petroleum as we bridge to our energy future.”
About Tesoro Corporation
Tesoro Corporation, a Fortune 100 company, is an independent refiner and marketer of petroleum products. Tesoro, through its subsidiaries, operates six refineries in the western United States with a combined capacity of over 850,000 barrels per day and ownership in a logistics business which includes a 36 percent interest in Tesoro Logistics LP (NYSE:TLLP) and ownership of its general partner. Tesoro’s retail-marketing system includes over 2,200 retail stations under the ARCO®, Shell®, Exxon®, Mobil®, USA Gasoline™ and Tesoro® brands.
Founded in 1946, Savage is a privately held global leader in the creation and delivery of integrated services and systems designed to meet the unique challenges in each customer’s supply chain. With 3,500 team members in more than 200 locations in North America and internationally, Savage supports a wide variety of customers in the production, manufacturing and distribution of energy resources and other essential commodities. The company offers capabilities that span rail, truck and marine transport, terminal and facility operation and design, and related services. For more information, visit www.savageservices.com.
This press release contains certain statements that are “forward-looking” statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 concerning the expected benefits and performance of Tesoro’s new DOT120 rail cars and the expected effectiveness of safety features. For more information concerning factors that could affect these statements see our annual report on Form 10-K and quarterly reports on Form 10-Q, filed with the Securities and Exchange Commission. We undertake no obligation to publicly release the result of any revisions to any such forward-looking statements that may be made to reflect events or circumstances that occur, or which we become aware of, after the date hereof.
Note to editors:
A fact sheet on the features of the enhanced DOT 120 rail car is available at www.tsocorp.com/TesoroDOT120.
An executive summary of the Clark County polling results is available at www.VancouverEnergyUSA.com.
CONTACT: CONTACT: Media: Tesoro Media Relations, [email protected], (210) 626-7702 Investors: Sam Ramraj, Vice President, Investor Relations, (210) 626-4757