Vinson & Elkins and Kirkland & Ellis have advised BP on the $2.5bn (£1.6bn) sale of its Texas City refinery to Marathon Petroleum.
The sale brings BP one step closer to its $38bn (£23.7bn) target for asset disposals in North America. As part of the deal, BP will receive $600m (£374m) in cash and $1.2bn (£748m) for inventories, as well as an ‘earn out’ provision which could see Marathon pay $700m (£436m) over six years.
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