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July, 24, 2016

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BP sells Texas City refinery to US corporation Marathon Petroleum

NEW YORK--BP has finally found a buyer for its Texas City refinery, one of the largest and most complex in the U.S.

The total value of the deal could reach US$2.5 billion. The refinery was the scene in 2005 of a fatal fire and explosion.

Marathon Petroleum Corp. will pay only US$598 million for the refinery itself and other nearby pipelines and fuel terminals. It will pay US$1.2 billion for the plant's inventory of oil and petroleum products. Marathon may have to pay another US$700 million over 6 years if certain unspecified conditions are met, the company said Monday.

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