Marathon Petroleum Purchases Biodiesel Facility
FINDLAY, Ohio -- Marathon Petroleum Corp. (MPC) purchased a biodiesel facility in Cincinnati from Felda Iffco Sdn Bhd in Malaysia. Terms of the deal were not disclosed.
In addition to biodiesel, the plant produces glycerin, often used in soap and other beauty products. The plant has a capacity to produce 4,100 barrels per day.
"MPC has been a producer and large blender of ethanol for many years, and this acquisition will broaden our renewable fuels partnership with a quality asset," said Mike Palmer, senior vice president of supply distribution and planning for MPC. "We continue to grow our biodiesel blending volumes and this acquisition will be a natural value chain fit. Also, the facility is located in the heart of MPC's Midwestern assets, providing efficiencies in our product supply logistics."
The transaction is expected to close in April.
Findlay, Ohio-based Marathon Petroleum Corp. is the parent of Speedway LLC, operator of 1,480 convenience stores in nine states.