Marathon sells Minnesota refinery, downstream assets

By OGJ editors
HOUSTON, Oct. 6
-- Private Washington, DC-based equity firm Acon Investments LLC along with TPG Capital LP have signed a definitive agreement to acquire from Marathon Petroleum Co. LP its 74,000-b/d St. Paul Park, Minn., refinery, associated terminals, and other downstream assets in Minnesota for $900 million.

Acon and TPG formed Northern Tier Energy LLC to operate the assets as a stand-alone company.

Marathon, Acon, and TPG first announced that a letter of intent had been signed in May (OGJ Online, May 19, 2010). Marathon anticipates closing to occur by yearend.

In addition to the refinery and terminals, the acquired assets include 166 SuperAmerica retail outlets (including six Wisconsin outlets), SuperMom's LLC, SuperAmerica Franchising LLC, interests in pipeline assets in Minnesota, and associated inventories.

“This proposed sale is part of Marathon's ongoing efforts to ensure the Company's asset portfolio is strategically aligned with its business plans, while maintaining its position as one of the leading refining, marketing, and transportation operations in the nation,” Marathon said.

The St. Paul Park refinery has 27,100 b/d of fluid catalytic cracking capacity and 18,500 b/d of semiregenerative catalytic reforming capacity.

Related Articles

OMV acquires West of Shetland licenses from Hess

03/21/2014 OMV AG has reached an agreement with Hess Corp. to acquire four licenses in West of Shetland, UK, including Cambo field and the Blackrock prospect,...

Millennium Pipeline appoints president

03/20/2014 Millennium Pipeline Co. LLC has selected Joseph Shields as its president. He succeeds Rocco D’Alessandro, who held the position beginning in May 20...

ONGC Videsh names exploration director

03/19/2014 ONGC Videsh Ltd. (OVL), the overseas arm of Oil & Natural Gas Corp. Ltd., has named Anil Bhandari as exploration director. In his role, Bhandar...

Vermilion to buy southeast Saskatchewan assets

03/18/2014 Vermilion Energy Inc., Calgary, has signed an agreement with a private southeast Saskatchewan producer to acquire light oil producing assets in the...

Careers at TOTAL

Careers at TOTAL - Videos

More than 600 job openings are now online, watch videos and learn more!

 

Click Here to Watch

Other Oil & Gas Industry Jobs

Search More Job Listings >>
Stay Connected