Lbarrel per day bpd Carson, California, refinery as early as June 1, sources familiar with the transaction said on Thursday. Petersburg, October 18, In recent days, owners of BP Arco branded retail stations in California have been notified to expect the change to Tesoro as early as the first day of June.
It also would leave Tesoro and Chevron controlling more than half of California's gasoline production. Texas oil giant Tesoro Corp.
The move would leave most of California's gasoline production in the hands of just two companies: Tesoro and Chevron Corp. The deal would greatly boost Tesoro's presence in the region.
The San Antonio company already has agreements with more than 1, stations nationwide that sell its gas under the Shell, USA Gasoline and Tesoro brands. The planned acquisition, announced Monday, requires regulatory approval from both the Federal Trade Commission and the California attorney general.
It's already raising the ire of consumer advocates, who said the move could cut back on competition, which could lead to higher prices. Arco is known for offering lower prices than many other brands. The purchase would be the company's third plant in California, whose emissions regulations are more complex than other states'.
If the deal goes through, Tesoro refineries in California would have a combined capacity ofbarrels a day. Wall Street cheered the proposed acquisition.
Tesoro stock rose 9. That was its highest closing price since February BP, based in London, suffered one of the worst and most expensive oil exploration disasters when the explosion of the Deepwater Horizon, a drilling rig it was leasing, unleashed a huge oil spill in the Gulf of Mexico. California's air quality standards require complex gasoline blends.
The state's 14 refineries specialize in making that fuel.
Carson Chamber of Commerce votes to oppose Measure C and the Moratorium. This year, the City Council enacted a one (1) year moratorium on establishing, expanding or modifying virtually all industrial facilities and declared a fiscal emergency on August 7, and called for a special election to be held on November 7th for voters to decide . Tesoro's acquisition of BP's fully integrated Southern California refining and marketing (R&M) business includes the Carson refinery and more than dealer-operated retail gas stations. Cash proceeds from the sale include approximately $ billion for assets and an estimated $ billion primarily for inventory at market value and other working capital. BP will sell its Carson refinery, related logistics and marketing assets in the California region to Tesoro Corporation for $bn in cash, as part of a previously announced plan to reshape BP’s US fuels business. "The sale is part of the previously announced programme of BP to divest $38bn of.
When there is a problem, such as the fire last week at Chevron's Richmond refinery, gas prices surge. In just one week, the average price of a gallon of regular gasoline in California climbed Gasoline prices also rose nationwide, but not nearly as much.
The average price of a gallon of regular in the U. With gas prices heading up, regulators might feel pressure to be especially cautious about approving the Tesoro-BP deal.
Lynda Gledhill, a spokeswoman for the state attorney general, said that office would "take a serious look at the deal with the goal of preserving competition in the marketplace.
Bloomberg News was used in compiling this report.On top of the planned acquisition of the Carson refinery, Tesoro recently announced a joint-venture with Savage to develop and operate a new unit train unloading and marine loading facility in. Browse Trusted Business, Industry & Agriculture in Carson, CA on urbanagricultureinitiative.com About Boots to Business.
Boots to Business (B2B) is an entrepreneurial education and training program offered by the U.S. Small Business Administration (SBA) as part of the Department of Defense's Transition Assistance Program (TAP). Tesoro Corporation, which also operates under the name USA Gas, is located in Carson, California.
This organization primarily operates in the Crude Petroleum and Natural Gas business / industry within the Oil and Gas Extraction sector. Effectively participate in the Tesoro Anacortes Refinery process safety culture survey oversight committee as recommended under recommendation I-WA-R Incorporate the expertise of process safety culture experts in the development and interpretation of the safety culture surveys.
4 Key Messages • Delivering key strategic initiatives and driving significant shareholder value • Strengthening our West Coast business • Advantaged position in the Mid-Continent • Driving feedstock advantage to PADD5 refineries • Tesoro Logistics (TLLP) creating significant value as a strategic growth vehicle • Balanced cash strategy - .