Oil giant BP has reportedly experienced unplanned flaring at its Carson refinery in California.
According to Reuters, the state's pollution regulators, the South Coast Air Quality Management District, have said that the 275,000-barrel-per-day refinery in Los Angeles has had a breakdown and flaring is expected to continue until Wednesday next week.
MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
BP Carson covers 630 acres and has 1,100 employees supported by 600 contractors. Around 90% of the crude oil that comes in to the refinery is used as transportation fuel, supplying a quarter of Southern California's gasoline and two-fifths of its diesel.
"Over half of a billion dollars has been recently invested into BP Carson to improve efficiency and meet California's strict quality and environmental standards," BP's website says.
BP's shares were trading 0.23% higher at 496.5p in the opening minutes on Friday.
BC
-
Yoshiaki Murakami: Japan’s original corporate raiderThe originator of Japanese activism, Yoshiaki Murakami, was disgraced by an insider-trading scandal in 2006. Now, he's back, shaking things up
-
Cash in on the growth potential of electrification companiesOpinion Martin Todd, portfolio manager, head of sustainable equities, Federated Hermes, highlights three electrification companies where he'd put his money
