Marathon to buy BP Texas City in $2.5B dealMarathon to buy BP Texas City in $2.5B dealhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=93772012-10-10T10:29:00Z2012-10-09T00:00:00Z

TEXAS CITY - Marathon Petroleum Corp. is set to purchase BP’s Texas City refinery and some retail assets for $2.5 billion. The refinery is the third largest in the world and BP’s largest.

Marathon Petroleum Corp. will pay $598 million for the refinery and other nearby pipelines and fuel terminals, plus $1.2 billion for the inventory of oil and petroleum products owned by the plant.

The Texas City refinery processes 451,000 barrels of oil per day, with an output of 11 million gallons of gasoline, enough capacity to satisfy 3 percent the gasoline demand in the United States. The facility employs 2,000 people and is located on 1,200 acres.

The sale also includes South Houston Green Power, a BP owned cogeneration electrical plant that is located next to the refinery. The plant uses steam created by the refinery to generate electrical power.

Galveston Daily News
Houston-The Woodlands-Sugar Land
http://galvestondailynews.com/story/353298Read more at {Source}

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