Monday, 13 August 2012

BP sells US refinery for $2.5 billion

British energy group BP said that it had agreed to sell its Carson refinery in California to US peer Tesoro Corporation for $2.5 billion. The sale is part of BP's previously-announced plans to sell $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 $26.5 billion of assets since the start of 2010, including the latest deal. BP said that the Carson sale would allow it to focus its investment and operations on the British group's three refineries in the northern United States. The group had announced in February 2011 that it would sell off two major US refineries -- including Carson -- as part of a restructuring to shift its focus away from the United States and to meet its compensation costs. It also intends to offload the Texas City facility which suffered a deadly 2005 explosion that killed 15 workers and sparked safety concerns across its US operations.

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