BP reaches agreement to sell its Carson refinery to Tesoro

BP has reached an agreement to sell its refinery in Carson, California, along with related logistics and marketing assets in the region, to Tesoro Corporation for $2.5bn (£1.6bn) in cash.

The sale, which includes the estimated value of hydrocarbon inventories and is subject to post-closing adjustments, is part of the company’s previously announced plan to reshape its US fuels business.

Subject to regulatory and other approvals, Tesoro will acquire the 266,000-barrel-per-day 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.