UPDATE 1-Tesoro to put pipeline, storage assets into MLP

* Tesoro sees $200 mln in public offering

* High Plains pipeline, storage and terminals in MLP

NEW YORK, Dec 13 (BestGrowthStock) – Oil refiner Tesoro Corp
(TSO.N: ) said on Monday it plans to spin off part of its
logistics operations into a partnership through a public
offering expected to raise $200 million.

The company said it would put its High Plains pipeline
gathering system, eight oil products terminals and an oil and
products storage facility into the planned master limited
partnership.

Master limited partnerships do not pay corporate taxes and
instead distribute nearly all their profits to unit holders.

They are often used in the energy industry as a structure
to hold assets such as pipelines and storage facilities.

Shares in Tesoro rose 1.5 percent to $17.69 per share in
premarket trade.
(Reporting by Matt Daily, editing by Gerald E. McCormick)

UPDATE 1-Tesoro to put pipeline, storage assets into MLP