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03.01.2013 | Thinnes, Billy, Hydrocarbon Processing Staff, Houston, TX

Keywords: [Galveston Bay] [Marathon] [Canada] [LNG terminal] [Hess] [Port Reading] [New Jersey] [China] [petrochemicals]

Galveston Bay refinery

Marathon Petroleum has closed its transaction with BP to purchase several assets, including the 451,000-bpd refinery located in Texas City, Texas. 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 US 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 base purchase price is approximately $598 million, plus inventories valued at approximately $1.1 billion.

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