Finally, I can concede a victory to you, President Obama. It’s far overdue.
You have succeeded in running BP out of this country.
BP to Divest ARCO, Sell Two Refineries
LONDON — BP announced today that it intends to reposition its U.S. refining and marketing business and divest two of its U.S. refineries. It intends to seek buyers for the Texas City , Texas , refinery and the Carson refinery near Los Angeles , together with its associated integrated marketing business in southern California , Arizona and Nevada . As part of this sale, BP expects to divest the ARCO retail brand (though retaining brand rights for northern California , Oregon and Washington ) and to retain ownership of and license the ampm retail brand.
Subject to regulatory and other approvals, BP plans to complete the sales by the end of 2012, thereby halving BP’s U.S. refining capacity.
BP plans to focus future U.S. downstream investment on further improving and upgrading its other, more advantaged refining and marketing networks in the country, based around the Whiting, Ind. , and Cherry Point , Wash. , refineries and its 50% interest in the Toledo , Ohio , refinery.
BP intends to sell both the Texas City refinery and the Carson refinery with its marketing network as going concerns and expects significant market interest in the assets. The planned sales will be subject to regulatory and other approvals, and BP will ensure that fulfillment of the current regulatory obligations associated with Texas City are reflected in any transaction.
Watch for details in tomorrow’s CSP Daily News
These refineries will be sold to a company with shallow pockets. They will milk them until they close them. BP has invested billions in the Whiting Refinery despite the efforts of your friends Dick Durbin, Richard Daley, and the new senator, Mark Kirk, all of whom played politics with the investment and tried to stop it from happening.
BP has sold most of their retail outlets in the US to investors. Franchisees and Jobbers. They will be left in lurch since it’s just a matter of time before BP drops the other shoe and puts the remaining assets in the US on the block.
Sure, BP brought this on themselves with their shoddy safety operations.
But, the hostile treatment by the Obama administration drove the final stake. Just another company with deep pockets and thousands of employees in the US that will leave resulting in more unemployment and hundreds of small businessmen without a supply source or a brand.
Take a bow, Mr. President. You won.
