Saturday, May 30, 2015Saturday, May 30, 2015

BP sells US refinery for $2.5 bn to Tesoro Corp.

Published on Aug 13, 2012 11:11 PM

LONDON (AFP) - British energy group BP said on Monday that it had agreed to sell its Carson refinery in California to United Staets (US) peer Tesoro Corporation for $2.5 billion (S$3.1 billion).

The sale is part of BP's previously-announced plans to sell US$38 billion of assets by the end of 2013 to help pay the clean-up bill and compensation costs from the devastating 2010 US Gulf of Mexico oil spill.

The troubled energy major has agreed to sell US$26.5 billion of assets since the start of 2010, including the latest deal.

"BP announced today it has reached agreement to sell its Carson, California refinery and related logistics and marketing assets in the region to Tesoro Corporation for US$2.5 billion in cash," the group said in a statement.

Enjoy 2 weeks of unlimited digital access to The Straits Times. Get your free access now!