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US Marathon finalises deal on BP’s Texas refinery

ICIS News : 1-Feb-13 17:52

HOUSTON (ICIS)--BP has completed the deal to sell its Texas City refinery in Texas to Marathon Petroleum, the company said on Friday.

In October, Marathon signed an agreement with BP to acquire the 475,000 bbl/day refinery near Galveston Bay for approximately $598m (€443m), plus inventories estimated at $1.1bn.

On 30 January, Marathon’s CEO said it planned to close the deal by Friday, and the company expects the refinery boost earnings in the first year of operation.

The Texas City refinery ranks as the third largest for processing capacity in the US.

($1 = €0.74)

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By Anna Matherne

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