Marathon OKs $1.9B Detroit refinery expansion, heavy oil upgrade project |
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Wed, 31 Oct 2007 20:39
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SAN FRANCISCO (Thomson Financial) - Marathon Oil Corp. said Wednesday it has approved a $1.9 billion expansion and heavy oil upgrade project at its Detroit refinery.The project will increase the refinery's heavy oil processing capacity, including Canadian bitumen blends, by about 80,000 barrels per day, and will increase its total crude oil refining capacity by about 15% to 115,000 bpd from 100,000 bpd, the Houston-based company said.Marathon said construction is expected to begin in late 2007 or early 2008, pending the receipt of necessary approvals, and will be completed in late 2010.The project will create about 60 new full-time refinery jobs and 75 additional full-time contract employee positions, the company said. It will also provide construction trade work for an average 800 workers per day, peaking at 1,200 workers during the three-year construction period.Shares of Marathon were up almost 3% at $59.05.Katherine Huntkh/vjCOPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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