A deal conferring a set of BP's (NYSE: BP ) American assets to Tesoro (NYSE: TSO ) has been finalized. The latter is the owner of the petroleum giant's now-former refinery in Carson, near Los Angeles, and a network of more than 800 retail stations. It also gains control of the related logistical and marketing assets in the region. All told, the value of the deal is roughly $2.4 billion.
In its press release announcing the development, Tesoro quoted its CEO Greg Goff as saying that the transaction "is a unique opportunity for Tesoro to combine the best aspects of two West Coast refining, marketing and logistics businesses resulting in a more efficient world-scale integrated refining, marketing and logistics system."