BP has completed the sale of its Carson, California refinery and related logistics and marketing assets in the region to Tesoro Corporation for approximately $2.4 billion as part of a plan to reshape BP’s U.S. fuels business. Cash proceeds from the sale include approximately $1.075 billion for assets and an estimated $1.35 billion primarily for inventory at market value and other working capital.
“With the completion of this divestment the strategic refocusing of our U.S. fuels portfolio is essentially complete” chief executive of BP’s global refining and marketing business said, Iain Conn. “BP’s U.S. fuels business is now anchored around three, highly sophisticated northern refineries, which are crude feedstock-advantaged, and tied to strong marketing businesses.”