Marathon Announces Joint Venture with Neste on Martinez Renewable Fuels Project

Marathon Petroleum Corp. today announced it has entered into definitive agreements to form a joint venture with Neste for Marathon’s Martinez renewable fuels project. The partnership will be structured as a 50/50 joint venture with Neste expected to contribute a total of $1 billion, inclusive of half of the total project development costs projected through the completion of the project. MPC will continue to manage project execution and operate the facility once construction is complete. The closing of the joint venture is subject to customary closing conditions and regulatory approvals, including obtaining the necessary permits, which depend upon certification of a final Environmental Impact Report. 

Neste is the largest producer of renewable diesel and jet fuel in the world, while Marathon’s Martinez facility in California is projected to become the…