BP registers $2.4B as Carson, Calif., refinery sale completed

British oil giant BP has completed the sale of its Carson, Calif., refinery and other assets to San Antonio-based Tesoro Corp., an independent refiner and marketer of petroleum products, for $2.4 billion.

London-based BP said the transaction closed on Saturday.

BP announced plans to divest its Carson and Texas City refineries in February 2011 as part of a strategy shift. The Texas City refinery sale to Marathon Petroleum Corp., which also was for $2.4 billion and included other assets, closed earlier this year.

Read more: BP completes $2.4B sale of Texas City refinery

The Carson refinery sale included related logistics and marketing assets in the region.

BP said cash proceeds from the sale include roughly $1.075 billion for assets and an estimated $1.35 billion primarily for inventory and other working capital.

BP will keep business ties to California, including a large ARCO retail and logistics operation presence that includes roughly 270 retail sites in the northern part of the state. BP will also continue the distribution and marketing of lubricants through its Castrol brand, the company said.

Meanwhile, Tesoro has taken ownership of the 266,000 barrel per day refinery near Los Angeles as well as the associated logistics network of pipelines and storage terminals and the ARCO-branded retail marketing network in Southern California, Arizona and Nevada.

BP said it retains ownership of the ampm convenience store brand and has franchised it to Tesoro for use in the Southwest.

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