BP Sells Texas City Refinery

FINDLAY, Ohio (October 6, 2012)--BP has finally found a buyer for its Texas City refinery, one of the largest and most complex in the U.S.

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.

Marathon may have to pay another $700 million over 6 years if certain unspecified conditions are met, Marathon said Monday.

The refinery has a troubled history.

A fire and explosion in 2005 at the plant killed 15 workers and injured nearly 200 others.

BP PLC been trying to sell refining and other assets to help cover costs associated with the 2010 Deepwater Horizon explosion and oil spill.

The Texas City refinery processes 451,000 barrels of oil per day.

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