Tesoro To Buy Arco Brand, Carson Oil Refinery From BP
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The $2.5-billion deal would boost Tesoro's West Coast presence and give BP cash it needs. It also would leave Tesoro and Chevron controlling more than half of California's gasoline production.</h3>
<p>Texas oil giant Tesoro Corp. said it will spend $2.5 billion to buy a sprawling refinery in Carson and other assets — including the Arco brand — from rival BP.</p>
<p>The move would leave most of California's gasoline production in the hands of just two companies: Tesoro and Chevron Corp.</p>
