Marathon Purchases Assets from CITGO

Press enter to search
Close search
Open Menu

Marathon Purchases Assets from CITGO

10/23/2007
FINDLAY, Ohio -- Through its wholly owned subsidiary, Marathon Oil
Corp. reached agreements to purchase four terminals in Ohio and ownership interest in the Inland Pipeline from CITGO Petroleum.

"The acquisition will increase Marathon's flexibility in supplying transportation fuels to the Midwest," Doug Sparkman, Marathon senior vice president of transportation and logistics, said in a statement. "It demonstrates Marathon's commitment to making quality fuels available to our customers by opening new market opportunities in Dayton and Tallmadge as well as new pipeline markets."

As part of the transaction, Marathon purchased four product terminals located in Dublin, Dayton, Oregon/Toledo and Tallmadge, Ohio, as well as and CITGO's ownership of the Inland Pipeline, a petroleum product pipeline with origin points in both Lima, Ohio and Oregon, Ohio, which supplies Dublin, Dayton, Oregon, Cleveland, Tallmadge and Canton, Ohio.

The transaction is expected to close in fourth quarter of 2007, pending completion of pre-closing activities, according to the company.