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Marathon Petroleum's Detroit Refinery to Build Heavy Oil Upgrade Project
SUGAR LAND--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 slowing 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.
Other companies featured: Fluor Corporation (NYSE:FLR)
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Industry Segment: Petroleum Refining
Word Count: 598 Words
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