BP sells off its Texas refinery

Marion Dakers
OIL giant BP has agreed to sell most of its Texas City assets for $2.5bn (£1.6bn), severing ties with the refinery where 15 people were killed in 2005 and raising funds for the firm’s Gulf of Mexico clean-up fund.

BP said the sale to US-based Marathon Petroleum would bring its recent divestments to $35bn.

The London-listed firm wants to sell off assets worth $38bn to pay costs linked to an explosion and oil spill at the Deepwater Horizon rig, which killed 11 workers in 2010.

The Texas City refinery, which produces 475,000 barrel per day, was the site of one of the worst industrial accidents in US history in 2005.