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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 reta

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