Oil giant BP is selling its refinery in Carson to the Texas-based Tesoro Corporation.
The Carson refinery processes more than a quarter of a million barrels of oil per day and is adjacent to a refinery Tesoro already owns in Wilmington.
In addition to the Carson refinery, Tesoro has agreed to buy:
- the network of pipelines and storage terminals connected with the refinery
- the ARCO-branded retail marketing network in Southern California, Arizona and Nevada, which includes 800 dealer-operated stations.
- Ownership of the ARCO retail brand
The sale is valued at $2.5 billion and is subject to regulatory approval.
BP plans to license the ARCO brand rights back from Tesoro for California, Oregon and Washington.
The Carson refinery employs 1,100 people and 600 contractors.