Belfast Telegraph

BP sells Deepwater disaster refinery

A refinery where 15 people were killed in an explosion in 2005 is to be sold by BP after the oil giant agreed a $2.5bn (£1.5bn) deal.

The agreement with Marathon Petroleum Corporation - which covers the Texas City refinery - will bring BP closer to its target of $38bn (£23.7bn) of disposals by the end of 2013.

BP has now agreed disposals worth more than over $35bn (£21.8bn), including the Texas deal, as part of its plan to raise cash to pay the costs of the 2010 Deepwater Horizon disaster.

In addition to the deaths, more than 170 others were injured in the explosion at the refinery, which BP acquired in 1998 as part of its merger with Amoco.

BP has paid out more than $100m (£62m) in penalties for violations exposed in the wake of the catastrophe.