Tuesday, February 1, 2011

BP to Divest ARCO, Sell Two Refineries

BP announced today that it intends to reposition its U.S. refining and marketing business and divest two of its U.S. refineries. It intends to seek buyers for the Texas City, Texas, refinery and the Carson refinery near Los Angeles, together with its associated integrated marketing business in southern California, Arizona and Nevada. As part of this sale, BP expects to divest the ARCO retail brand (though retaining brand rights for northern California, Oregon and Washington) and to retain ownership of and license the am/pm retail brand.

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