BP agrees to sell Texas City refinery to Marathon Petroleum

BP has agreed to sell its Texas City refinery in Texas, as well as a portion of its retail and logistics network in the southeast US to Marathon Petroleum for $2.5bn (£1.5bn).

The company said that the announcement marked the second major milestone in the strategic refocusing of its US fuels business.

Subject to regulatory and other approvals, Marathon Petroleum will buy the 475,000 barrel per day refinery, associated natural gas liquids pipelines, and four marketing terminals in the southeast US.