Marathon in joint venture with Neste over renewable fuels project

Marathon Petroleum Corp has announced it has entered into definitive agreements to form a joint venture with Neste for its 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 (€0.9 billion), inclusive of half of the total project development costs projected through the completion of the project.

Marathon will continue to manage project execution and operate the facility once construction is complete.

This strategic partnership is expected to advance the current project objectives of delivering low carbon intensity fuels to support California’s climate goals.

Marathon and Neste will leverage their complementary core competencies in the joint venture.

Marathon brings experience in renewable diesel facility conversion, large capital project execution, and operating expertise in the California market.