8-K

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                  SECURITIES AND EXCHANGE COMMISSION
                         Washington, D.C. 20549

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                               Form 8-K
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                            CURRENT REPORT
                  PURSUANT TO SECTION 13 OR 15(d) OF
                  THE SECURITIES EXCHANGE ACT OF 1934

  Date of Report (Date of earliest event reported): June 21, 2005

                        GIANT INDUSTRIES, INC.
      (Exact name of registrant as specified in its charter)


         Delaware                 1-10398             86-0642718
(State of jurisdiction of    (Commission File)      (IRS Employer
      incorporation)              Number)         Identification No.


     23733 North Scottsdale Road
          Scottsdale, Arizona                         85255
(Address of principal executive offices)            (Zip Code)


           Registrant's telephone number, including area code
                            (480) 585-8888

Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any
of the following provisions (see General Instruction A.2. below):

[ ] Written communications pursuant to Rule 425 under the Securities Act
    (17 CFR 230.425)

[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act
    (17 CFR 240.14a-12)

[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the
    Exchange Act (17 CFR 240.14d-2(b))

[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the
    Exchange Act (17 CFR 240.13e-4(c))

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ITEM 1.01	ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT

     On June 21, 2005, Giant Pipeline Company ("GPC"), a wholly-owned
subsidiary of Giant Industries, Inc. ("Giant"), signed a Purchase and Sale
Agreement (the "Agreement") with Texas-New Mexico Pipe Line Company
("TNM").  Pursuant to the Agreement, GPC will acquire TNM's idle crude oil
pipeline running between Jal, New Mexico and Bisti, New Mexico for
$9,000,000.  The closing of the transaction is subject to, among other
things, the approval of the boards of directors of GPC and Giant and other
closing conditions.  Under certain circumstances, the terms of the
Agreement may be adjusted in the event that GPC is unable to put the
pipeline into service.

     On June 23, 2005, Giant issued a press release with respect to the
Agreement.  A copy of the press release is attached hereto as Exhibit 99.1
and is incorporated herein by reference.



                            SIGNATURES

     Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on its
behalf by the undersigned thereunto duly authorized.



                        By: /s/ MARK B. COX
                           -------------------------------------------
                           Mark B. Cox
                           Executive Vice President and Chief
                           Financial Officer (Principal Financial Officer)

Date: June 23, 2005



                       INDEX TO EXHIBITS


Exhibit
Number        Description
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  99.1        Press Release of Giant Industries, Inc. dated June 23, 2005

EX-99

                                                               EXHIBIT 99
GIANT INDUSTRIES, INC.
NEWS RELEASE

Contact: Mark B. Cox
         Executive Vice President, Treasurer, & Chief Financial Officer
         Giant Industries, Inc.
         (480) 585-8888

FOR IMMEDIATE RELEASE

June 23, 2005


        GIANT INDUSTRIES, INC. ANNOUNCES POTENTIAL PIPELINE ACQUISITION

Scottsdale, Arizona, June 23, 2005 - Giant Industries, Inc. [NYSE: GI] today
announced that it has entered into a purchase and sale agreement to acquire
an idle crude oil pipeline system that originates near Jal, New Mexico and
is connected to a company-owned pipeline network that directly supplies
crude oil to the Bloomfield and Ciniza refineries.

Fred Holliger, Giant's Chief Executive Officer, said, "We are very excited
about this opportunity, as it addresses the strategic priority we have had
over the last several years to access supplemental crude supplies for our
two New Mexico refineries. When operational, the pipeline will have
sufficient crude oil transportation capacity to allow us to again operate
both refineries at maximum rates."

This acquisition is subject to normal due diligence, and other conditions
of closing. It is anticipated that the transaction will close in the third
quarter of 2005. Startup of the pipeline is subject to, among other things,
a final engineering evaluation of the system. It is currently anticipated
that the pipeline will become operational in twelve to eighteen months from
the closing.

Giant Industries, Inc., headquartered in Scottsdale, Arizona, is a refiner
and marketer of petroleum products. Giant owns and operates one Virginia
and two New Mexico crude oil refineries, a crude oil gathering pipeline
system based in Bloomfield, New Mexico, which services the New Mexico
refineries, finished products distribution terminals in Albuquerque, New
Mexico and Flagstaff, Arizona, a fleet of crude oil and finished product
truck transports and a chain of retail service station/convenience stores
in New Mexico, Colorado, and Arizona. Giant is also the parent company of
Phoenix Fuel Co., Inc., an Arizona wholesale petroleum products
distributor. For more information, please visit Giant's website at
www.giant.com.

This press release contains forward-looking statements that involve known
and unknown risks and uncertainties. Forward-looking statements are
identified by words or phrases such as "believes," "expects,"
"anticipates," "estimates," "should," "could," "plans," "intends," "will,"
variations of such words and phrases, and other similar expressions. While
these forward-looking statements are made in good faith, and reflect the
Company's current judgment regarding such matters, actual results could
vary materially from the forward-looking statements. Important factors that
could cause actual results to differ from forward-looking statements
include, but are not limited to: the risk that the transaction will not be
consummated, the risk that it will not be possible to place the pipeline
system in operation and/or to operate the two refineries at maximum rates
due to financial, operational or other constraints, the risk that the
timetable for placing the pipeline system into operation will be different
than anticipated, the risk that it will not be possible to obtain
supplemental crude oil for processing at the two refineries at cost
effective prices, and other risks detailed from time to time in the
Company's filings with the Securities and Exchange Commission. All
subsequent written and oral forward-looking statements attributable to the
Company, or persons acting on behalf of the Company, are expressly
qualified in their entirety by the foregoing. Forward-looking statements
made by the Company represent its judgment on the dates such statements are
made. The Company assumes no obligation to update any forward-looking
statements to reflect new or changed events or circumstance.