Related Articles
Forward article link
Share PDF with colleagues

BP gains $2.5bn for Texas City refinery

The sale of the refinery will bring the UK supermajor closer to meeting targets

The sale of BP’s Texas City refinery brings the UK supermajor closer to meeting a target of $38 billion in divestitures to pay for the Gulf of Mexico oil spill. The $2.5bn sale of the ageing facility to Marathon Petroleum brings the total raised by BP’s divestiture programme, put in place to help it meet potential liabilities arising from the 2010 Deepwater Horizon disaster, to $35bn. Subject to regulatory and other approvals, Marathon will purchase the 475,000 barrel per day (b/d) refinery, associated natural gas liquids pipelines, a 1,040-megawatt cogeneration station and four marketing terminals and associated inventories. BP will also assign branded contracts for approximately 1,200 r

Also in this section
Venezuela catches the crypto craze
16 March 2018
Is "The Petro" a leap forward or just a cash grab?
A slimmer, fitter Adnoc
12 March 2018
With an eye on new paths being followed by NOCs in the neighbourhood, Abu Dhabi is injecting new energy into the firm
BP sees increasing energy sector competition
1 March 2018
The UK company's latest energy outlook flags up more diversity, but doesn’t predict an imminent collapse in oil demand