Houston-based Par Petroleum Corp. completed its purchase of Tesoro’s Kapolei refinery today, becoming the fourth owner of the facility since it opened 45 years ago.

Par Petroleum bought the refinery, along with Tesoro’s chain of 31 gas stations and other assets, for $75 million in cash plus up to $40 million more in contingent payments tied to the Hawaii operation meeting certain targets over the next three years. On top of that Par Petroleum will pay about $400 million for Tesoro’s working capital, which consists mainly of its inventory of refined petroleum products.

Tesoro in June announced that Par Petroleum would buy the refinery after the facility had been on the market for 18 months. Tesoro was in the process of shutting down the refinery and converting it to an import terminal for refined petroleum products when Par emerged as the buyer.

Par will operate in Hawaii under the name Hawaii Independent Energy. The 31 gas stations will continue to be branded as Tesoro.

"We are looking forward to being a reliable and productive member of the Hawaii business community and we have the right team to optimize this asset," said Will Monteleone, chairman and chief executive officer of Par Petroleum.