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
Rosneft: scaling the heights of power
19 April 2017
High-wire deal-making has become the hallmark of Russia's national oil champion. But are expansion plans risking too much?
Tatneft edges towards the precipice
5 April 2017
The company's finances are under severe strain, as its resources are drained off to prop up an ailing local economy
China's oil loans run into trouble
5 April 2017
China extended much credit to secure oil supplies. Now it needs borrowers to start repaying