Tesoro Corp. has completed the purchase of BP Plc’s Carson refinery in a deal valued at $2.4 billion.
The San Antonio oil company, which hopes to become a bigger force in the California gasoline market through the deal, said the transaction closed over the weekend. Federal and state regulators signed off on the purchase last month. The Carson facility will be Tesoro’s third plant in California.
The refinery is near a Tesoro facility in Wilmington. The deal includes a logistics network of pipelines and storage terminals and more than 800 dealer-operated Arco gas stations in Southern California, Arizona and Nevada. The purchase price for the assets was $1.1 billion plus inventory and working capital valued at another $1.3 billion.