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.
