California’s largest cogeneration plant has come under the control of oil and gas giant, Tesoro Corporation (NYSE: TSO) after the Fortune 100 company bought BP’s LSE: BP, Carson plant, with the 400 MW CHP plant as a complementary asset.
The cogen plant forms part of the overall deal which saw Tesoro Corp pay BP $2.5bn for the oil plant, creating the biggest U.S. oil-refining empire in the Pacific Basin with about a quarter of California's processing capacity.
Tesoro now has a 51 per cent ownership in the gas supplied Watson cogeneration (cogen) facility, which is located near to the Carson refinery. The CHP plant provides reliable electricity to the Carson refinery and sells excess electricity to the local utility grid.
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