BP agrees to sell US Carson refinery to Tesoro for $2.5bn

13 August 2012 14:23  [Source: ICIS news]

LONDON (ICIS)--BP has agreed to sell its 266,000 bbl/day Carson refinery in California and related logistics and marketing assets to Tesoro Corporation for $2.5bn (€2.03bn), the UK-based energy and chemicals firm said on Monday.

The sale, which includes BP’s ARCO retail network, is part of a previously announced plan to reshape the company’s US fuels business.

“Together with the intended sale of Texas City, this will allow us to focus BP's operations and investments exclusively on our three northern US refineries, which are crude feedstock advantaged, and their large and important marketing businesses,” said Iain Conn, chief executive of BP's global refining and marketing business.

Tesoro will acquire the 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 deal, which is subject to regulatory and other approvals, is expected to close before the middle of 2013.

"As an established refiner and marketer, Tesoro provides a strong future for the business and for its employees," added Conn.

($1 = €0.81)

By: Graeme Paterson
+44 20 8652 3214

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