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Tesoro says regulators close to finishing review of BP plant buy
May 2, 2013 / 3:20 PM / in 5 years

Tesoro says regulators close to finishing review of BP plant buy

HOUSTON (Reuters) - Tesoro Corp TSO.N is nearing the end of the regulatory review of its planned purchase of BP Plc’s (BP.L) 240,000-barrels-per-day Los Angeles-area refinery in Carson, California, Tesoro Chief Executive Greg Goff said on Thursday.

The U.S. Federal Trade Commission and the California attorney general’s office have been reviewing Tesoro’s planned purchase of the refinery and other assets for $2.5 billion since Tesoro and BP announced the deal in August.

“We are near the end of the regulatory review process,” Goff said in a conference call to discuss first-quarter earnings with Wall Street analysts.

Tesoro expects the purchase to take place by the end of the quarter.

“We’ve provided everything they’ve asked for,” Goff told analysts. “We believe we will be able to move ahead as the transaction was proposed.”

Tesoro has said it plans to combine the Carson plant with its 103,800-bpd Wilmington, California refinery.

The two refineries nearly abut one another in Los Angeles industrial suburbs north of the port of Long Beach.

Reporting by Erwin Seba; Editing by Gerald E. McCormick and Dale Hudson

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