Through this agreement, Marathon, a refining, marketing and transportation company headquartered in Florida, will pay $600 million in cash, $1.2 billion for the plant’s inventories and a further $700 million depending upon future output and margins.
"Today's announcement is the second major milestone in the strategic refocusing of our US fuels business," said Iain Conn, head of BP's global refining and marketing business. "Together with the sale of our Carson, California refinery, announced in August, the Texas City divestment will allow us to focus BP's US fuel investments on our three northern refineries."
