Tesoro may own BP Calif. refinery as early as June 1 -sources

Thu May 16, 2013 2:34pm EDT
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HOUSTON May 16 (Reuters) - Independent western U.S. refiner Tesoro Corp may take ownership of BP Plc's 240,000 barrel per day (bpd) Carson, California, refinery, 800-station retail network and distribution and storage assets as early as June 1, said sources familiar with the transaction on Thursday.

When the $2.5-billion sale is complete, Tesoro will become the second-largest refiner in California, the nation's largest gasoline market, and BP's U.S. downstream operation will be solely focused on refineries in the northern continental United States, where cheaper Canadian crude oil is easily obtained.

In recent days, owners of BP Arco branded retail stations in California have been notified to expect the change to Tesoro as early as the first day of June.