US-based Marathon Oil is to sell most of its Minnesota downstream assets to ACON Investments, NTR Partners and TPG Capital for $800m.
The assets include the 74,000 barrel per day St Paul Park refinery and associated terminal, interests in pipeline assets in Minnesota and associated inventories.
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The proposed sale is in line with Marathon’s ongoing efforts to ensure the company’s asset portfolio is strategically aligned with its business plans and to maintain its position as a leading refining, marketing and transportation operations.
The transaction is expected to close within the third or fourth quarter of 2010.
