WASHINGTON May 17 U.S. refiner Tesoro Corp.
has received formal antitrust approval to buy a BP
refinery in southern California without conditions.
The Federal Trade Commission, which assessed the deal to
ensure that it complied with U.S. antitrust law, approved the
deal without requiring any asset sales.
"Demand for California-grade gasoline has declined over the
last decade and is projected to continue to do so. Additionally,
seven major refiners supply the West Coast, and that number will
not change as a result of the deal," the FTC said in a
Tesoro announced in August that it had agreed to buy BP's
Carson plant for $2.5 billion.
Tesoro is the second-largest refiner in California, the
nation's largest gasoline market, after Chevron Corp.