HOUSTON, Aug. 14 (UPI) -- British energy company BP said it sold its Carson, Calif., oil refinery and related assets to a Texas corporation for $2.5 billion in cash.
Tesoro Corp., which has headquarters in San Antonio, acquired the Carson refinery as part of a divestment launched strategy by BP in the wake of the Deepwater Horizon accident in 2010.
Tesoro, through the $2.5 billion deal, acquires a refinery that can process 266,000 barrels of oil per day, an associated pipeline network and retail market networks in Arizona, California and Nevada.
Iain Conn, BP's top executive in charge of marketing and global refining, said the company would maintain a position in the U.S. refining sector.
"BP remains committed to supplying U.S. customers with the fuels, lubricants and petrochemicals they depend on while at the same time delivering long-term growth and profits to our shareholders," he said in a statement. "We are investing heavily in the capabilities of our businesses in line with that commitment."
BP last week sold two natural gas processing plants in Texas to Eagle Rock Energy Partners, which has headquarters in Houston, for $227.5 million in cash.
