NewsFlashBP to sell Texas City refinery to Marathon Petroleum

08 October 2012 14:30  [Source: ICIS news]

LONDON (ICIS)--BP has reached an agreement to sell its Texas City, Texas refinery and a portion of its retail and logistics network to US refiner Marathon Petroleum for $2.5bn (€1.9bn), the UK-based energy and chemicals firm said on Monday.

The total includes $600m of cash, an estimated value of $1.2bn for hydrocarbon inventories and a $700m six year earn-out arrangement based on future margins and refinery throughput, BP added.

With this agreement, the total value of the divestments that BP has agreed since the beginning of 2010 is now over $35bn.

($1 = €0.77)

By: Franco Capaldo
+44 (0)20 8652 3214

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