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BP selling number of West Coast assets

Oil company BP said Monday that it has agreed to sell its refinery in Carson, Calif., and other West Coast assets to Tesoro Corp.

Published: Aug. 14, 2012 at 12:05 a.m. PDT
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Oil company BP said Monday that it has agreed to sell its refinery in Carson, Calif., and other West Coast assets to Tesoro Corp.

Tesoro is paying $2.5 billion in cash for the refinery, pipelines, storage terminals, marine terminals and about 800 Arco-branded retail outlets in Southern California, Arizona and Nevada, the British company said.

BP also is selling the Arco brand rights for Northern California, Oregon and Washington and will lease them back from Tesoro.

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