TEXAS CITY The deal is done. Top Marathon Petroleum officials today confirmed what The Daily News already reported: The company will complete its acquisition of BP s Texas City refinery on Friday.
The Ohio-based Marathon reached a deal in October to purchase the nation s fourth largest refinery and other BP assets for $2.5 billion.
Marathon, now the nation s fifth largest refiner, will jump to No. 4 once the deal for the 475,000 barrel per day BP refinery is complete on Friday. The refinery will be renamed Marathon Galveston Bay refinery.
Marathon already owns an 81,000 barrel per day refinery in Texas City. The two facilities will for the most part operate independently for now.
Click here to read more at the Galveston County Daily News.