FINDLAY, Ohio --

. (MPC) has closed its acquisition of BP's Texas City refinery and related assets. The 451,000-barrel-per-calendar day refinery will be renamed the Galveston Bay refinery, the company said.

The transaction also includes three intrastate natural gas liquids pipelines originating at the facility; an allocation of BP's Colonial Pipeline Co. shipper history; four terminals located in Florida, North Carolina and Tennessee; retail marketing contract assignments for approximately 1,200 branded sites; and a 1,040-megawatt cogeneration facility, as CSNews Online reported.

"This is a unique opportunity to acquire, at an attractive price, a world-scale refinery on the western Gulf Coast that is well positioned to benefit from the growing supply of North American crude oil," stated MPC President and CEO Gary R. Heminger. "The refinery and related assets should enhance our current footprint by integrating well with our existing operations. This transaction will provide MPC the opportunity to grow in contiguous markets, expand our export opportunities and further optimize our Gulf Coast operations. We believe this transaction will create long term value for our shareholders."

The base purchase price for the transaction, announced Oct. 8, 2012, was approximately $598 million plus inventories valued at approximately $1.1 billion. The agreement also includes an earnout provision under which MPC could pay up to an additional $700 million over six years, subject to certain conditions, the company said. The transaction is expected to be accretive to earnings in its first year of operation.

"As our history has shown, our focus will remain on the safe and environmentally responsible operations of all of our facilities," added Heminger. "We look forward to providing quality products and services to meet the needs of our new branded jobbers. We welcome all of our new employees at the Galveston Bay refinery and product terminals."