BP has been in talks to sell its 400,780 barrel-per-day Texas City refinery to Marathon Petroleum Corp, according to a report posted by the Financial Times on its website on Tuesday.

The talks have been under way for months, according to the report, which cites unidentified sources. The plant’s sale could bring BP up to $2.5bn (£1.5bn).

A BP spokesman declined to discuss possible negotiating partners with Reuters on Tuesday.

“We remain in advanced negotiations for a sale of the Texas City refinery,” said BP spokesman Scott Dean. “We remain on track to announce a sale by year-end 2012.”

A Marathon spokesman declined to discuss the Financial Times report.

BP announced in 2011 it would put the Texas City and Carson, California, refineries up for sale.

On August 13 BP announced it would sell the 240,000 bpd Carson refinery and related assets for $2.5 billion, pending regulatory approval.

Independent refiner Marathon has long been considered a potential contender to buy the Texas City refinery. Marathon owns an 80,000 bpd refinery in Texas City across the street from BP’s plant.