Marathon Petroleum acquires Ohio biodiesel plant

Marathon Petroleum (MPC) signed an agreement to purchase a biodiesel facility in Cincinnati, Ohio, from Malaysia-based Felda Iffco, the company said on Monday.

The Cincinnati plant currently produces several products including biodiesel and glycerin, with a capacity of 4,100 bpd. The transaction is expected to close in April 2014. 

Financial details of the transaction were not disclosed.

"MPC has been a producer and large blender of ethanol for many years, and this acquisition will broaden our renewable fuels portfolio with a quality asset," said Mike Palmer, Marathon Petroleum's senior vice president of supply, distribution and planning.

"We continue to grow our biodiesel blending volumes and this acquisition will be a natural value chain fit," he added. "Also, the facility is located in the heart of MPC's Midwest assets, providing efficiencies in our product supply logistics."