SOURCE: Industrial Info Resources

Industrial Info Resources

February 03, 2010 05:30 ET

Marathon Petroleum's Detroit Refinery to Build Heavy Oil Upgrade Project, an Industrial Info News Alert

SUGAR LAND, TX--(Marketwire - February 3, 2010) - Researched by Industrial Info Resources (Sugar Land, Texas) -- Marathon Petroleum Company LLC (MPC) (Findlay, Ohio), a subsidiary of Marathon Oil Company (NYSE:MRO) (Houston, Texas), is moving forward with construction of the $2.2 billion Heavy Oil Upgrade Project (HOUP) refinery expansion project, after halting construction in February 2009 due to poor market conditions. Construction began in June 2008, but due to the economic downturn, Marathon cut its capital spending budget 24% from $7.6 billion to $5.7 billion and strategically deferred any further construction on the project, putting off the completion of the major expansion from 2010 until 2012.

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