BP sells US refinery, Arco retail to Tesoro
LONDON (AP) — Oil company BP says it has agreed to sell its refinery in Carson, California and other West Coast assets to Tesoro Corp.
BP said Monday that Tesoro is paying $2.5 billion cash for the refinery, pipelines, storage terminals and Arco-branded retail outlets in southern California, Arizona and Nevada. BP is also selling the Arco brand rights for northern California, Oregon and Washington and will lease them back from Tesoro.
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