BP Initiates Sale of ARCO, Refinery for $2.5 Billion Cash

British Petroleum, also known as BP, said Monday it has agreed to sell its refinery in Carson, as well as other West Coast ARCO assets to Tesoro Corp.

The sale was . Many ARCO stations will be converted to . The station at Devonshire Street and Topanga Canyon Boulevard in Chatsworth has already made the transition.

Tesoro is paying $2.5 billion cash for the refinery, pipelines, storage terminals and ARCO-branded retail outlets in Southern California, Arizona and Nevada, according to the Associated Press. BP is also selling the ARCO brand rights for Northern California, Oregon and Washington and will lease them back from Tesoro.

The Associated Press reports that BP has now sold or agreed to sell assets worth $26.5 billion since 2010. The company has a target of selling $38 billion in assets by the end of next year to help pay the costs of the Macondo well blowout in the Gulf of Mexico.

-- The Associated Press contributed to this report.

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