Marathon Rules Out Participating in Citgo Refinery Asset Auction
11.02.2023 By Tank Terminals - NEWS

November 2, 2023 [Reuters]- Marathon Petroleum (MPC.N) is not planning to participate in the current auction process for shares in a parent of oil refiner Citgo Petroleum, executives said Tuesday.

 

A U.S. court kicked off an auction last week of shares in a Citgo (PDVSAC.UL) parent company whose only asset is the Venezuela-owed refiner. Proceeds from any sale are expected to pay creditors with claims against the South American country and its state-run oil firm, PDVSA, for unpaid debts and asset expropriations.

Marathon Petroleum, the largest U.S. independent refiner by processing volumes, was among companies that had weighed a Citgo bid when it was last offered for sale in 2014. Industry analysts considered it a potential bidder this time.

“Refining M&A is one of the more challenging ways to create value,” said David Heppner, the company’s senior vice president of strategy and business development in response to a question about its interest on an earnings call with analysts. “You shouldn’t anticipate us participating in the current auction process for the Citgo assets.”

 

Pro Trial: Access 12,600 Tank Terminal and Production Facilities

12,600 tank storage and production facilities as per the date of this article. Click on the button and register to get instant access to actionable tank storage industry data

India's First Methanol Plant to be Set up in Telangana
11.21.2024 - NEWS
November 21, 2024 [Chem Analyst]- In a groundbreaking initiative, India is set to get its first m... Read More
Egypt in Talks with Foreign Companies Over Long-Term LNG Purchases, Sources Say
11.21.2024 - NEWS
November 21, 2024 [Reuters]- Egypt is in talks with U.S. and other foreign companies to purchase ... Read More
INEOS and GNFC Sign a Memorandum of Understanding to Build a New World Scale Acetic Acid Unit in India
11.21.2024 - NEWS
November 21, 2024 [INEOS]- INEOS Acetyls and Gujarat Narmada Valley Fertilizers & Chemicals L... Read More
Peru's State Oil Firm Could Open to Private Investors in 2025, Chairman says
11.21.2024 - NEWS
November 21, 2024 [Reuters]- Peru’s indebted state-run oil firm could consider offering a ... Read More