Marathon Petroleum acquires Ohio biodiesel plant
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 2014.
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 logistics."
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