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BP sells Texas City refinery to Marathon for $2.5 billion

NEW YORK — BP finally has found a buyer for its Texas City, Texas, refinery, one of the largest and most complex in the U.S. The total value of the deal could reach $2.5 billion.

Marathon Petroleum Corp. will pay $598 million for the refinery itself and other nearby pipelines and fuel terminals. It will pay $1.2 billion for the plant’s inventory of oil and petroleum products. Marathon may have to pay another $700 million over six years if certain unspecified conditions are met, the company said Monday.

BP PLC has been trying to sell refining and other assets to help cover costs associated with the 2010 Deepwater Horizon explosion and oil spill in the Gulf of Mexico. Since 2010, BP has agreed to sell $35 billion worth of assets, and the company expects that to rise to $38 billion by next year.


Wal-Mart, American Express team up on new prepaid card

NEW YORK — Wal-Mart Stores Inc. and American Express Co. are rolling out a prepaid card that they say offers unique services designed to help shoppers manage and control their everyday finances.

The two companies said Monday that Bluebird, which began during a pilot program late last year, acts like a checking account but without the fees that have increasingly frustrated shoppers. The card will have no minimum balance and no monthly, annual or overdraft fees.


YouTube to offer original programming in Europe

LONDON — YouTube is extending its original programming initiative into Europe, with at least 60 new video channels from media companies including Britain’s BBC, London-based FreemantleMedia and the Netherlands’ Endemol.

The Google Inc.-owned video site said Monday the new channels, with content from Britain, Germany, France, and the United States, will be in addition to the 100 channels launched in the U.S. last year.

From wire dispatches and staff reports