BP to sell California refinery to Tesoro Corp for $2.5 billion

British oil giant BP Plc today agreed to sell its 266,000 barrel per day refinery in Carson, California, and related assets to Tesoro Corp for about $2.5 billion in cash, taking its total divestments up to $26.5 billion since the beginning of 2010.

The sale comes just three days after the London-based company sold its two US processing plants and associated gathering system in the Texas Panhandle to Eagle Rock Energy Partners for $227.5 million. (See: BP to sell US midstream gas assets to Eagle Rock Energy for $227.5 mn)

BP said the sale is part of its previously announced plan to reshape its US fuels business.

"Today's announcement is a significant step in the strategic refocusing of our US fuels business," said Iain Conn, CEO of BP's global refining and marketing business.

"Together with the intended sale of Texas City, this will allow us to focus BP's operations and investments exclusively on our three northern US refineries, which are crude feedstock advantaged, and their large and important marketing businesses."

The Carson refinery sale includes $1.3 billion for oil inventories at the site, based on current oil prices and BP's interests in associated cogeneration and coke calcining operations.