FINDLAY, Ohio -- Marathon Oil Corp., through a wholly owned subsidiary, has reached agreement to purchase four terminals in Ohio and the ownership interest in Inland Pipeline from CITGO Petroleum Corp.
The acquisition will increase Marathon's flexibility in supplying transportation fuels to the Midwest, said Doug Sparkman, Marathon senior vice president of transportation and logistics. 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 [image-nocss] markets.
Assets purchased as part of the transaction include four product terminals located in Dublin, Dayton, Oregon (Toledo) and Tallmadge, Ohio, and CITGO's ownership interest in Inland Pipeline, a petroleum product pipeline with origin points in both Lima and Oregon that supplies Dublin, Dayton, Oregon, Cleveland, Tallmadge and Canton, Ohio.
The transaction is expected to close in fourth-quarter 2007, pending completion of various pre-closing activities. Terms of the transaction were not disclosed.
Marathon is the fourth-largest U.S.-based fully integrated international energy company engaged in exploration and production; integrated gas; and refining, marketing and transportation operations. It is the fifth-largest U.S. refiner, with 974,000 barrels per day of crude processing capacity in its seven-refinery system. The company's retail marketing system comprises approximately 6,000 locations in 18 states; nearly three-quarters are Marathon brand locations. Marathon serves the Midwest and Southeast as a petroleum products marketer with 86 light product and asphalt terminals, and the company owns, operates, leases or has an ownership interest in approximately 9,900 miles of pipeline.
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