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Chemical Week Magazine :: Business & Finance :: United States/Americas

BP sells Texas City refinery to Marathon for $2.5 billion

9:08 AM MDT | October 12, 2012 | —Kara Sissell

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 bbl/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. Realigning priorities: The sale does not include BP's petrochemical complex adjacent to the refinery. The agreement with Marathon does not include BP’s Texas City petrochemicals complex adjacent to the...

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