FTC okays Tesoro purchase of BP refinery

The US Federal Trade Commission has approved acquisition by Tesoro Corp. of BP PLC’s refining and marketing business in southern California.

The deal includes BP’s 266,000-b/d Carson refinery adjacent to Tesoro’s 97,000-b/d Wilmington refinery south of Los Angeles and about 800 dealer-operated retail stations in southern California, Nevada, and Arizona (OGJ Online, Aug. 13, 2012).

The purchase price is $1.075 billion, plus the market value of inventory, now estimated at $1.3 billion.

Tesoro plans to integrate the Carson and Wilmington refineries.

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