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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