Marathon to sell Minnesota refinery

Marathon Oil Corp. has signed a nonbinding letter of intent with a group of investment firms for the sale of its 74,000-b/d St. Paul Park, Minn., refinery and other downstream assets in Minnesota.

By OGJ editors
HOUSTON, May 19
-- Marathon Oil Corp. has signed a nonbinding letter of intent with a group of investment firms for the sale of its 74,000-b/d St. Paul Park, Minn., refinery and other downstream assets in Minnesota.

The sale would include a terminal, 166 SuperAmerica convenience stores, and the SuperMom’s Bakery, SuperAmerica Franchising LLC, interests in Minnesota pipelines, and inventories.

Marathon said it expects the value of the transaction to exceed $800 million.

The buyers—ACON Investments LLC, NTR Partners LLC, and TPG Capital LP—have a period during which to work toward negotiation of definitive agreements. Marathon expects closing in the third or fourth quarter of 2010.

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

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