USX, Ashland slate downstream combination

Assets of Marathon/Ashland joing venture [98172 bytes] U.S. downstream rationalization continues. Ending months of speculation, USX Corp. and Ashland Inc. have signed a letter of intent to pursue a combination of the major elements of USX-Marathon Group and Ashland's refining, marketing, and transportation operations in a joint venture. The JV, when formed, will have a combined refining capacity of 930,000 b/d, accounting for 6% of U.S. capacity. The U.S. refining and marketing sector has seen a flurry of large mergers, combinations, and JVs in recent months. In April, Ultramar Diamond Shamrock Corp.-itself the product of a 1996 merger-disclosed its plans t...

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