BP sells Texas City refinery to Marathon for $2.5 billion

BP says it plans to sell its Texas City, TX refinery and part of its retail and logistics network to Marathon Petroleum for $2.5 billion. BP in 2011 announced plans to divest the 475,000 bbls/day refinery—which employs about 2,150 staff as well as 1,000-3,000 contractors/day—as part of BP’s effort to realign its refining portfolio. The agreement with Marathon does not include BP’s Texas City petrochemicals complex adjacent to the refinery, but the petrochemicals plant will continue to have long-term commercial arrangements with the Texas...

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