Reuters: Regulatory News: UPDATE 1-Tesoro says regulators close to finishing review of BP plant buy

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UPDATE 1-Tesoro says regulators close to finishing review of BP plant buy May 2nd 2013, 15:04 Thu May 2, 2013 11:04am EDT * FTC, Calif attorney general review plan to buy L.A. plant * Tesoro intends to combine Carson, Wilmington refineries HOUSTON May 2 (Reuters) - Tesoro Corp is nearing the end of the regulatory review of its planned purchase of BP Plc's 240,000-barrels-per-day Los Angeles-area refinery in Carson, California, Tesoro Chief Executive Greg Goff said on Thursday. The U.S. Federal Trade Commission and the California attorney general's office have been reviewing Tesoro's planned purchase of the refinery and other assets for $2.5 billion since Tesoro and BP announced the deal in August. "We are near the end of the regulatory review process," Goff said in a conference call to discuss first-quarter earnings with Wall Street analysts. Tesoro expects the purchase to take place by the end of the quarter. "We've provided everything they've asked for," Goff told analysts. "We believe we will be able to move ahead as the transaction was proposed." Tesoro has said it plans to combine the Carson plant with its 103,800-bpd Wilmington, California refinery. The two refineries nearly abut one another in Los Angeles industrial suburbs north of the port of Long Beach. Link this Share this Digg this Email Reprints

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