Texas-headquartered Marathon Petroleum is selling its 74,000 bpd St. Paul Park, Minnesota, refinery and associated terminals to Acon Investments and TPG Capital for $900 million (647 million).
Acon and TPG formed Northern Tier Energy LLC to operate the assets as a stand-alone company.
In addition to the refinery and terminals, the acquired assets include interests in pipeline assets in Minnesota, and associated inventories.
This proposed sale is part of Marathon's ongoing efforts to ensure the company's asset portfolio is strategically aligned with its business plans, while maintaining its position as one of the leading refining, marketing, and transportation operations in the nation, Marathon says.
Source: Oil & Gas Journal