Tesoro expects to close soon on California plant

Greg Goff, CEO of Tesoro Corp., said Thursday that the company expects to close on its $2.5 billion acquisition of BP PLC’s refinery in Carson, Calif., by the end of the second quarter.

“We are basically at the end of the regulatory review process,” Goff told analysts in a conference call. “We remain very confident in our ability to close this transaction.

The acquisition is being reviewed by the Federal Trade Commission and the California attorney general’s office.
“We believe we will be able to move ahead with the transaction as proposed,” Goff said.

He added that Tesoro has made “significant progress” integrating the 240,000-barrel-a-day Carson plant, which is adjacent to Tesoro’s Wilmington refinery in a Los Angeles suburb that can process 97,000 barrels of crude a day.

The acquisition would give Tesoro three refineries in California.