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BP may sell Texas City refinery to Marathon

09.19.2012  |  HP News Services

BP and Marathon Petroleum have been in talks for months, a news report says, with one source claiming the 400,780 bpd refinery could be sold for up to $2.5 billion.


BP and Marathon Petroleum have held talks on the sale of BP's Texas City refinery, the Financial Times reported Wednesday, citing people familiar with the matter.

One person said the companies had been in discussions for months, while another said the refinery might be sold for up to $2.5 billion, according to the newspaper.

The Texas City refinery has a capacity of 400,780 bpd, according to news reports.

It remains unclear if a deal will be reached.

The selloff would be the latest in BP’s aims to help pay for costs related to the Deepwater Horizon disaster in 2010, bringing the company closer to its aim of $38 billion in disposals by the end of 2013.

Neither BP nor Marathon could immediately be reached for comment. Marathon Petroleum is a newly-formed downstream spinoff company formerly controlled by Marathon Oil.

Dow Jones Newswires

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