Tesoro Corp. said late Tuesday it has agreed to buy renewable fuels and chemical company Virent Inc. for an undisclosed amount. The San Antonio, Texas, independent refiner said Virent's technology involves biomass that can be converted and blended into other fuels and also used as renewable chemical, including a component of polyester. Tesoro hopes to scale up Virent's technology, it said. Tesoro will operate Virent, based in Madison, Wis., as a subsidiary, and the company will keep its headquarters in Madison. The deal is expected to close by the end of the month. Shares of Tesoro were flat in late trading after ending the regular session up 2.8%.
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