Marathon Petroleum (MPC) signed an agreement to purchase a
biodiesel facility in Cincinnati, Ohio, from Malaysia-based
Felda Iffco, the company said on Monday.
The Cincinnati plant currently produces several products
including biodiesel and glycerin, with a capacity of 4,100
bpd. The transaction is expected to close in April
Financial details of the transaction were not disclosed.
"MPC has been a producer and large blender of ethanol
for many years, and this
acquisition will broaden our renewable fuels portfolio with a
quality asset," said Mike Palmer, Marathon Petroleum's senior
vice president of supply, distribution and planning.
"We continue to grow our biodiesel blending volumes and this
acquisition will be a natural value chain fit," he added.
"Also, the facility is located in the heart of MPC's Midwest
assets, providing efficiencies in our product supply