SANTA ANA, Calif. - BP has sold its Carson refinery and inventory, along with its marketing agreements with 800 Arco gasoline stations to Tesoro Corp., the Orange County Register reports. The dealer-operated stations are located in Arizona, California and Texas. The $2.5 billion deal will close before June 2013.
With the buy, Tesoro will become the largest oil refiner on the West Coast. The purchase also enlarges Tesoro€™s convenience and gasoline station empire. Currently Tesoro owns 1,215 stations, operating under the USA Gasoline, Tesoro and Shell brands. The company will soon add around 250 Thrifty and Arco branded stations run by franchises, which will be renamed USA Gas. Earlier this year, those franchises had sued BP over the sale of their leases.
"This transaction is a unique opportunity for Tesoro to combine the best aspects of two West Coast refining and marketing businesses resulting in a more efficient integrated refining, marketing and logistics system," said Greg Goff, Tesoro CEO, in a statement. "Given Tesoro's existing operations on the West Coast and our understanding of the complexities and challenges of operating in California, we are well positioned to generate significant operational efficiencies, increase our ability to satisfy market demand and reduce stationary source air emissions."
BP will remain owners of its ampm brand convenience stores but Tesoro will franchise the stores in the Southwest.