BP in talks to sell Texas refinery to Marathon: FT
HOUSTON (Reuters) - BP Plc (BP.L) has been in talks to sell its 400,780 barrel-per-day Texas City, Texas, refinery to Marathon Petroleum Corp (MPC.N), according to a report posted by the Financial Times on its website on Tuesday.
The talks have been under way for months, according to the report, which cites unidentified sources. The plant's sale could bring BP up to $2.5 billion.
A BP spokesman declined to discuss possible negotiating partners with Reuters on Tuesday.
"We remain in advanced negotiations for a sale of the Texas City refinery," said BP spokesman Scott Dean. "We remain on track to announce a sale by year-end 2012."
A Marathon spokesman declined to discuss the Financial Times report.
BP announced in 2011 it would put the Texas City and Carson, California, refineries up for sale.
On August 13, BP announced it would sell the 240,000 bpd Carson refinery and related assets for $2.5 billion, pending regulatory approval.
Independent refiner Marathon has long been considered a potential contender to buy the Texas City refinery. Marathon owns an 80,000 bpd refinery in Texas City across the street from BP's plant.
(Reporting by Erwin Seba and Kristen Hays; Editing by David Gregorio and Jim Marshall)
NEW YORK - Stocks rose on Friday, putting the S&P 500 on track for its best week in five months, as unexpectedly strong data on economic growth increased confidence that the recovery was accelerating.
WASHINGTON - Start-up companies will be able to raise much more capital through certain public stock deals without facing costly regulatory burdens under a proposal announced by U.S. securities regulators on Wednesday.
BEIJING/HONG KONG - China reiterated its opposition on Thursday to a European Union plan to limit airline carbon dioxide emissions and called for talks to resolve the issue a day after its major airlines refused to pay any carbon costs under the new law.