BP Motors Away From The L.A. Gasoline Business
BP is set to take its curtain call in Los Angeles as part of a widespread overhaul in the toxic wake of last year's Gulf of Mexico spill. The oil giant announced on Tuesday its intention to sell a huge, 630-acre Carson refinery south of downtown and its local Arco gasoline operations. It will also be selling its Texas City, Texas operation.
BP said it expected to get "at least $4.4 billion for the refineries, which represent about 28% of its global refining capacity, and the Los Angeles marketing operations. Sales are anticipated to be wrapped up by the end of 2012," reports the L.A. Times.
As a result BP will have a large role in reshaping California's "energy landscape," says the L.A. Times, where for decades Arco and Chevron Corp. have been jockeying for domination in "fuel retailing and refining."