U.S. FTC OKs Tesoro purchase of BP Calif. refinery, assets

Fri May 17, 2013 1:17pm EDT

May 17 (Reuters) - The U.S. Federal Trade Commission on Friday said it approved Tesoro Corp's purchase of BP Plc's 240,000 barrel per day Los Angles area refinery and other assets in a 3-0 vote.

The commission found the deal would not substantially lessen competition among seven refiners for gasoline in California, the nation's largest gasoline market.

California Attorney General Kamala Harris must also approve the sale before it can go forward.

Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.