Marathon Petroleum Won’t Restart Two Idled Oil Refineries

(Bloomberg) — Marathon Petroleum Corp, the largest U.S. independent oil refiner, said it won’t restart two refineries in California and New Mexico amid concerns that demand for fuels is unlikely to return to pre-pandemic levels this year.Marathon said in a statement it will convert its 166,000 barrel-a-day Martinez, California, refinery near San Francisco into a terminal facility and may add a renewable diesel plant to align with California’s Low Carbon Fuel Standards objectives and Marathon’s greenhouse gas-reduction targets. It will also close the 26,000 barrel-a-day Gallup refinery in New Mexico.Both refineries were idled in April as Covid-19 decimated demand for …read more

Source:: Yahoo Finance