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Tesoro Corp.’s buyout of BP plc’s refinery in California, once finalized, will make the San Antonio petroleum company the biggest refiner in the state and also significantly expand its retail holdings.
Tesoro announced Monday its plans to acquire BP’s 266,000-barrel-per-day refinery in Carson, Calif. However, the purchase also includes a retail network of about 800 dealer-operated gas stations in Southern California, Nevada and Arizona as well as the ARCO and ampm convenience store brands.
These independently owned and operated stores currently buy an average of 245,000 gallons per month wholesale from the BP refinery.
This agreement with London-based BP is expected to bolster Tesoro’s existing retail network, which currently consists of more than 1,375 branded stations — including nearly 590 company owned gas stations that operate under the Tesoro, USA Gasoline and Shell brands.
The Carson refinery is located south of Los Angeles. Tesoro intends to integrate that refinery with its existing 97,000-barrel-per-day refinery in Wilmington, Calif. Tesoro also owns a 166,000-barrel-per-day refinery in Martinez, Calif.
The purchase also includes three marine terminals; four land storage terminals; four product marketing terminals; and more than 100 miles of pipelines. Tesoro will have pipeline access to Los Angeles International Airport.
The total deal is valued at $2.5 billion.
San Antonio-based Tesoro (NYSE: TSO) operates seven r...

HYDERABAD: The CBI court on Friday postponed the bail petition of IAS officer BP Acharya, an accused in the Emaar scam case, to Monday for further hearing. Arguing for Acharya, his counsel V Surendar Rao said, since the key accused in the case, Koneru Rajendra Prasad, had already been granted bail by the AP high court, his client should also be given bail. "The question of tampering with the evidence does not arise as the CBI had filed the chargesheet in the case six months ago," Acharya's counsel told court.
Srinivas Reddy seeks bail
BV Srinivas Reddy, an accused in the Obulapuram Mining Company (OMC) case, filed his fourth bail plea in the CBI court on Friday. The CBI has been opposing his bail plea on the ground that Gali Janardhan Reddy's personal assistant Ali Khan's examination was not yet over. But since Khan is now in CBI custody and the chargesheet in OMC case has already been filed, Reddy wanted court togrant him bail.
SC puts off hearing in Vakapalli gangrape case
The Supreme Court on Friday suspended for six weeks the order of AP high court directing the Paderu trial court to begin proceedings against the accused cops in the Vakapalli tribal women gangrape case. The SC made this interim order while hearing a plea filed by the accused cops who felt aggrieved by the HC order. The SC issued notices to the authorities and the complainants before admitting the plea and directed that responses be filed.

NEW YORK (MarketWatch) — Tesoro Corp. rallied Monday after the refining firm said its $1.2 billion acquisition of BP PLC’s refining and marketing operations in southern California will boost its earnings per share by 24% in its first two years, but the broad energy sector fell with losses by WPX Energy and First Solar.
Tesoro Corp. TSO jumped 9.5% to $38.87 a share at the closing bell as the top gainer among components of the S&P 500 SPX on the heels of the San Antonio energy company’s plan to buy up BP PLC’s BP refining assets centered near Los Angeles.
The deal is valued at about $2.48 billion including about $1.3 billion in inventory.
Tesoro Corp. will purchase BP’s 266,000-barrel-per-day Carson refinery south of Los Angeles, as well as 800 dealer-operated gas stations, ownership of the Arco brand, pipelines, and an integrated anode coke calcining operation.
Tesoro said the deal will add to its earnings per share by about 24% in the first two years after it closes as expected in the middle of 2013.
“Given Tesoro’s existing operations on the West Coast and our understanding of the complexities and challenges of operating in California, we are well positioned to generate significant operational efficiencies, increase our ability to satisfy market demand and reduce stationary source air emissions,” Tesoro said.
The Tesoro deal comes as a refinery fire by Chevron Corp. CVX in the San Francisco Bay area has drive...

The Lucknow Bench of Allahabad High Court on Wednesday expressed dissatisfaction with the CBI probe into the murder of two chief medical officers in Lucknow and said nothing substantial was done in the last two-three months.
The observation was made by a Division Bench of Justice Imtiyaz Murtaza and Justice Ashwani Kumar Singh while hearing a PIL on the CBI probe into alleged scam in CMO office Lucknow and murder of two CMOs V K Arya and B P Singh.
“Nothing substantial has been done in the last two-three months by the CBI in the investigation of these cases,” the court observed after the investigating officers of the CBI submitted a sealed status report on the probe into murder of two CMOs.
The court directed the SP of CBI along with the two investigating officers to appear in person on the next date of hearing on September 12.
On behalf of the state government, Additional Advocate General Raj Bahadur Singh Yadav submitted order of prosecution sanction against 34 health department employees, including doctors.
Earlier on last Thursday, the state government gave an undertaking in the court to take a decision on prosecution sanction against 34 public servants allegedly involved in NRHM scam at Lucknow chief medical officer office by August 29.
Principal secretary medical and health Sanjay Agarwal gave the undertaking before the Bench of Justices Imtiyaz Murtaza and Ashwani Kumar Singh after he was summoned for personal appea...

Suspended IAS officer B.P. Acharya on Friday advanced an argument in court seeking bail as the three-month time limit set by the High Court for the CBI to complete the investigation against him in the Emaar township scam ended on August 23. Moreover, the ‘mastermind’ of the scam, by the CBI’s own admission – Koneru Prasad – was recently given bail by the High Court, Acharya’s counsel V. Surender Rao informed the court. This is the third bail application by Acharya since his arrest on January 30.

Mr. Rao said the arrest of his client itself was malafide as a voluminous charge-sheet in the case was filed by the CBI within two days of picking him up.

“The charge-sheet could not have been written in those two days when he was in the custody of CBI.”

Approval not sought

Moreover, the CBI did not seek approval of the Central government in investigating charges against him as required by the Delhi Special Police Establishment Act which was enacted for the purpose of corruption cases.

He reminded the court about a judgment of the Supreme Court which said that the trial courts need not consider the danger of accused tampering evidence if they were released after the charge-sheet was filed.

No pecuniary advantage

The allegations against Acharya were in the nature of omissions and commissions which did not result in any pecuniary advantage to him, he added.

NEW DELHI — Tata Power Co. 500400.BY -1.40% Thursday said it has renamed its solar-energy venture and appointed a new chief executive for the unit.

Tata BP Solar India Ltd. will now be called Tata Power Solar Systems Ltd., the country’s largest private power company by capacity said in a statement.

The utility had in December signed an agreement to buy BP PLC BP.LN -2.92% unit BP Alternative Energy Holdings’ 51% stake in the joint venture set up in 1989.

Tata Power said it has appointed Ajay Goel as the chief executive of the solar company. Mr. Goel succeeds K. Subramanya, who had resigned in May.

Tata Power Solar is engaged in the engineering and construction of solar-power projects. It also manufactures solar equipment.

Tesoro Corp.’s buyout of BP plc’s refinery in California, once finalized, will make the San Antonio petroleum company the biggest refiner in the state and also significantly expand its retail holdings.
Tesoro announced Monday its plans to acquire BP’s 266,000-barrel-per-day refinery in Carson, Calif. However, the purchase also includes a retail network of about 800 dealer-operated gas stations in Southern California, Nevada and Arizona as well as the ARCO and ampm convenience store brands.
These independently owned and operated stores currently buy an average of 245,000 gallons per month wholesale from the BP refinery.
This agreement with London-based BP is expected to bolster Tesoro’s existing retail network, which currently consists of more than 1,375 branded stations — including nearly 590 company owned gas stations that operate under the Tesoro, USA Gasoline and Shell brands.
The Carson refinery is located south of Los Angeles. Tesoro intends to integrate that refinery with its existing 97,000-barrel-per-day refinery in Wilmington, Calif. Tesoro also owns a 166,000-barrel-per-day refinery in Martinez, Calif.
The purchase also includes three marine terminals; four land storage terminals; four product marketing terminals; and more than 100 miles of pipelines. Tesoro will have pipeline access to Los Angeles International Airport.
The total deal is valued at $2.5 billion.
San Antonio-based Tesoro (NYSE: TSO) op...

2011 was a year of recovery, consolidation and change for BP. Our employees worked hard to make BP a stronger, safer company. We recognize there is more to do, but we believe important progress was achieved during the year, and we are clear on our priorities and responsibilities as we move forward

Ethiopia’s Yigrem Demelash brought the Kenyan dominance at the event to a halt today to grab the gold medal in style in a career best of 28:16.07.

The Kenyan pair of Geoffrey Kipkorir Kirui and Philemon Kipchilis Cheboi had been hotly tipped as the main favourites but Demelash proved to be a master tactician and his arch-rivals Kenyans had to settle for the minor places on the podium on this occasion.

The race opened quite conservatively as the lonesome early leader China’s Binlu Wang went through the opening 1000m in 2:55.54 and a full 10-second margin over the rest of the 34 competitors. The Kenyan pair injected a lethal pace some 1500m into the race and only the Ethiopian duo and Uganda’s Moses Martin Kurong were able to live with their pace.

Kirui, who holds an impressive 26:55.73 to rank second on the all-time Junior lists, opened full gas after the second kilometre and an impressive 8:15 split for the following three kilometres led him lonesome at the front. Even before the halfway, Kirui began to lap the slowest contenders.

The 5000m was reached in 14:14 with Kirui still leading but shortly after the sixth kilometre the Kenyan began to falter a bit to be caught by Cheboi and Demelash. It was Cheboi who took charge of the race then with respective splits of 2:48 for the seventh and eighth km; surprisingly, that kind of pace proved to be enough to leave Kirui behind while Demelash stayed comfortably at Cheboi’s...

BP’s objective is to create value for shareholders by helping to meet the world’s growing energy needs safely and responsibly
We strive to be a safety leader in our industry, a world-class operator, a responsible corporate citizen and a great employer. We are working to enhance safety and risk management, earn back trust and grow value.

Keeping a relentless focus on safety is a top priority for us. Good management of risk helps to protect the people at the frontline, the places in which we operate and the value we create. We understand that operating in politically-complex regions and technically-demanding geographies, such as deep water and oil sands, requires particular sensitivity to local environments. We continue to enhance our systems, processes and standards, including how we manage contractors.

We can only operate if we maintain the trust of people inside and outside the company. We must earn people’s trust by being fair and responsible in everything we do. We monitor our performance closely and aim to report in a transparent way. We believe good communication and open dialogue are vital if we are to meet the expectations of our employees, customers, shareholders and the local communities in which we operate.
We are working to become a simpler business, with a clear focus on what we do best. Our distinctive capabilities include exploration, operations in deep water, the managing of giant fields and gas value chains, and ou...