MOSCOW (MRC) -- Marathon Petroleum has closed its transaction with BP to purchase several assets, including the 451,000 bpd refinery located in Texas City, Texas, according to Hydrocarbonprocessing with the reference to the companies' announcement.
The refinery will be renamed and referred to in future Marathon communications as the Galveston Bay refinery.
The deal also includes a 1,040 megawatt cogeneration facility, four light product terminals located in the Southeast, retail marketing contract assignments for approximately 1,200 branded sites representing approximately 61,000 bpd of gasoline sales, three operating intrastate natural gas liquids pipelines originating at the refinery and a 50,000 bpd allocation of BP's Colonial Pipeline shipper history.
The transaction was first announced on October 8, 2012. The base purchase price is approximately USD598 million, plus inventories valued at approximately USD1.1 billion.
"This is a unique opportunity to acquire, at an attractive price, a world-scale refinery on the western Gulf Coast that is well positioned to benefit from the growing supply of North American crude oil," said Marathon Petroleum CEO Gary R. Heminger.
As MRC reported earlier, with this agreement, the total value of the divestments that BP has agreed since the beginning of 2010 is more than USD35 billion. BP expects this total to reach USD38 billion by the end of 2013. It will remain a significant retailer of fuels in the US, with 8,000 BP and ARCO-branded sites in the Midwest, Pacific Northwest and along the East Coast.
BP is one of the world"s leading international oil and gas companies, providing its customers with fuel for transportation, energy for heat and light, retail services and petrochemicals products for everyday items.