Tesoro Corp , a petroleum refiner and operator of the 94,000 bpd refinery in Kapolei, Hawaii, said on Saturday it is monitoring the tsunami alerts prompted by the massive earthquake in Chile and will take the steps deemed necessary.

Current estimates are that a tsunami wave will hit the area of Hawaii at approximately 11:20 am local time (4:20 p.m. EST), Tesoro said in a statement.

The Kapolei refinery is the largest of the state's two refineries, Tesoro said. The other is Chevron Corp's 54,000 bpd refinery on Oahu.

Tesoro said it has adequate inventories of fuels and we do not anticipate shortages. It urged citizens to refrain from buying fuel beyond immediate needs to preserve fuel for emergency vehicles.

Tesoro said it will not raise fuel prices during the situation. Through its subsidiaries, Tesoro operates seven refineries in the western United States with a combined capacity of approximately 665,000 barrels per day.

(Reporting by Bob Burgdorfer, editing by Vicki Allen)