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HOUSTON -- Tesoro Corp. may take ownership of BP plc's 800-station retail network, 240,000-barrel-per-day refinery in Carson, Calif., and storage assets as early as June 1, sources familiar with the transaction told Reuters today. When finalized, the $2.5-billion deal will also transition BP’s ARCO brand and associated registered trademarks, as well as a master franchisee license for the ampm convenience store brand, to Tesoro.
As CSNews Online previously reported, BP will exclusively license the ARCO retail brand rights from Tesoro for northern California, Oregon and Washington and continue to produce transportation fuels at its Cherry Point, Wash., refinery. BP will also retain ownership of the ampm brand.
The sale is part of a previously announced plan by BP to reshape its U.S. fuels business. In February 2011, BP announced plans to refocus its refining and marketing business on its northern U.S. refineries and find buyers for the Carson refinery and its Texas City refinery in Texas.