BP has reached agreement to sell its Carson refinery and related logistics and marketing assets in California to Tesoro for $2.5bn in cash as part of a previously announced plan to reshape BP’s US fuels business.
Subject to regulatory and other approvals, Tesoro will acquire the 266,000 bbl/day refinery near Los Angeles as well as the associated logistics network of pipelines and storage terminals and the ARCO-branded retail marketing network in Southern California, Arizona and Nevada. The sale also includes BP's interests in associated cogeneration and coke calcining operations. The closing is expected to happen before mid-2013.
In February 2011 BP announced plans to refocus its refining and marketing business on its northern US refineries and find buyers for Carson and the Texas City Refinery in Texas. This sale brings the total value of the divestment that BP has agreed since the beginning of 2010 to $26.5bn. This is part of the previously announced programme to divest $38bn of assets by the end of 2013.
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