Marathon Petroleum Interested in Citgo Refineries, Acquisitions

9/2/2014

NEW YORK -- Marathon Petroleum Corp. expressed interest in Citgo Petroleum Corp. refineries that are being shopped by Petroleos de Venezuela SA.

“Those assets are interesting, where they’re located,” company Chief Executive Gary Heminger said today in a speech at the Barclays CEO Energy- Power Conference in New York.

Findlay-based Marathon, which is positioned for acquisitions, expects the refining industry to consolidate, Heminger said.

The Citgo refineries, in Louisiana, Texas, and Illinois, have so far drawn interest from HollyFrontier Corp. and PBF Energy Inc., which said last month they would take a look. The assets are worth more than $10 billion, PDVSA has said. Heminger had said on the company’s second-quarter earnings call that “right now, we’re pretty satisfied with our footprint.”