610SPOR2 35h_CBSSportsRad_Houston
TEXANS NEWS:Day 7: Crennell Says His Understanding Is Trevardo Williams Has Been Released. Arian and Andre Out Friday - Texans Sign Joe Adams - Day 5: Camp Confidential

News

BP To Sell Texas City Refinery By End Of 2012

View Comments
bp
Featured Items

77820352_8PHOTOS: The Bikini: from the '50s to Now

77820352_8Meet The 6-10s

77820352_8Best 7 Events At The Astrodome

77820352_8World Cup's Hottest Fans

From Our CBS Music Sites

77820352_8Is Chandler Parsons Dating A Kardashian??

77820352_8Nicki Minaj's Booty Takes Over Her Album Cover

77820352_8The Worst Things You Can Do On A First Date

77820352_8Local Gas Station Clerk/MMA Fighter Takes Down Thieves

Get Breaking News First

Receive News, Politics, and Entertainment Headlines Each Morning.
Sign Up

In a statement released Tuesday on BP’s website, they plan to complete the sale of the company’s refineries in Texas City and Carson, CA. by the end of 2012. This will reduce the refining capacity of BP by 50 percent.

By focusing on refining operations in Indiana, Washington and Ohio, BP will “have greater flexibility to refine a range of crude oils including heavy grades, and on average are more diesel-capable than BP’s current portfolio,” according to the statement.

Sales of the two refining facilities will be subject to regulatory approval.

“The US remains a very important market for BP’s fuels, lubricants and petrochemicals businesses and the moves we have announced today will give BP a smaller, but well-positioned and very competitive portfolio of refining and marketing businesses,” said Iain Conn, BP chief executive refining and marketing. “I have no doubt that the businesses we are seeking to divest will prove extremely attractive to other operators.”

As part of the Calif. facility sale, BP plans to “divest the ARCO brand (though retaining brand rights for northern California, Oregon and Washington) and to retain ownership of and license the ampm brand,” according to the statement.

BP acquired the Texas City refinery, the third largest in the U.S., following the 1998 merger with Amoco. The company plans to keep the Texas City Chemicals complex located alongside the refinery.

View Comments
blog comments powered by Disqus