WASHINGTON, May 17 (Reuters) - 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 statement.
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.