BP completes sale of Carson refinery to US Tesoro

03 June 2013 15:24  [Source: ICIS news]

LONDON (ICIS)--BP has completed the sale of its 266,000 bbl/day Carson refinery and assets in southern California to US-based refiner Tesoro for $2.4bn (€1.8bn), the UK-headquartered oil and gas giant said on Monday.

The fee includes the purchase price of $1.075bn and around $1.35bn for inventory at market value and other working capital, the company added.

The sale, which closed on 1 June, includes a refinery near Los Angeles and an associated logistics network of pipelines and storage terminals. The portions of the ARCO-branded retail marketing network in southern California, Arizona and Nevada are also included, BP added.

The retail brand rights for ARCO have passed to Tesoro as part of the deal, but BP has paid to license those rights in northern California, Oregon and Washington, the company added.

“The strategic refocusing of our US fuels portfolio is essentially complete. BP’s US fuels business is now anchored around three highly sophisticated northern refineries, which are crude feedstock-advantaged, and tied to strong marketing businesses,” said Iain Conn, CEO of BP’s global refining and marketing business.

($1 = €0.77)

By: Tom Brown
+44 208 652 3214

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