TEXAS CITY — This likely marks the final week that the 475,000-barrel-per-day refinery at 2401 Fifth Ave. South will operate under the BP name. Marathon Petroleum, which purchased the nation’s fourth largest refinery as part of a $2.5 billion deal, is scheduled to take over the 1,200-acre refinery on Friday.
The two companies are expected to finalize the sale of the refinery this week.
Once the deal is closed, Marathon will own two refineries in Texas City — its existing 80,000-barrel-per-day refinery and BP’s 475,000-barrel-per-day facility.
The new acquisition will be called Marathon Galveston Bay Refinery.
Marathon’s take over ends 14 years of BP’s ownership of the refinery, which it acquired in a merger with Amoco Oil in 1998.
Ray Brooks, who will be the manager of Marathon’s new acquisition, set up his management team; many already are top managers at the Texas City refinery.
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