Marathon to Sell-off Minnesota Assets

US-based Marathon Oil is to sell most of its Minnesota downstream assets to ACON Investments, NTR Partners and TPG Capital for $800m.

The assets include the 74,000 barrel per day St Paul Park refinery and associated terminal, interests in pipeline assets in Minnesota and associated inventories.

The proposed sale is in line with Marathon’s ongoing efforts to ensure the company’s asset portfolio is strategically aligned with its business plans and to maintain its position as a leading refining, marketing and transportation operations.

The transaction is expected to close within the third or fourth quarter of 2010.