BP Closes Sale of Western U.S. Assets to Tesoro
A deal conferring a set of BP's American assets to Tesoro has been finalized. The latter is the owner of the petroleum giant's now-former refinery in Carson, near Los Angeles, and a network of more than 800 retail stations. It also gains control of the related logistical and marketing assets in the region. All told, the value of the deal is roughly $2.4 billion.
In its press release announcing the development, Tesoro quoted its CEO Greg Goff as saying that the transaction "is a unique opportunity for Tesoro to combine the best aspects of two West Coast refining, marketing and logistics businesses resulting in a more efficient world-scale integrated refining, marketing and logistics system."
The article BP Closes Sale of Western U.S. Assets to Tesoro originally appeared on Fool.com.Fool contributor Eric Volkman and The Motley Fool have no position in any stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
Copyright © 1995 - 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.