New Marathon Petroleum Venture to Become First Global Renewable Fuels Producer

Marathon Petroleum and Neste announced they would convert Marathon’s Martinez, California, refinery into a renewable fuels production facility to make renewable diesel from residues.

Reuters

Finnish refiner Neste said on March 1 its billion-dollar investment in a joint venture with U.S.-based oil company Marathon Petroleum Corp. would make it the world's first and only renewable fuels maker with global capacity.

Marathon Petroleum and Neste announced on March 1 they would convert Marathon’s Martinez, California, refinery into a renewable fuels production facility to make renewable diesel from residues.

“We will be the only global provider of renewable products with a production footprint in North America, Asia and Europe,” Neste CEO Peter Vanacker said in a statement.

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