marathon picks up four citgo terminals

Marathon Oil Corp. is in the process of purchasing four CITGO oil terminals in Ohio. The sale also includes a facility in Dayton.

The Dayton Business Journal reported that the company reached an agreement to buy the terminals and purchase ownership interest in Inland Pipeline from Houston-based CITGO Petroleum Corp. When the deal closes, the company will own facilities in Dayton, Dublin, Tallmadge, Akron, and Oregon.

The pipeline that the Houston-based company is picking up in the deal has two origination points in northeast Ohio and supplies six terminals throughout the state, according to the newspaper.

The company didn’t disclose the terms of the deal, which is expected to close in the fourth quarter.

Marathon is the fifth-largest petroleum refiner in the nation, with a refining capacity of 974,000 barrels per day. The company in 2006 recorded $5.2 billion in profit on $655.4 billion in revenue.

css.php