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Business

Marathon sets ethanol venture

July 17, 2006 | A version of this story appeared in Volume 84, Issue 29

Marathon Oil plans to team up with Andersons, an Ohio-based grain producer, to build and operate several large ethanol plants. If the deal is approved by each company's board of directors, it will mark the first time in more than two decades that a major U.S. petroleum firm has invested in an ethanol plant. The initial facility is expected to have an annual capacity of 110 million gal of ethanol. Marathon blended 550 million gal of ethanol into gasoline in 2005 and expects its ethanol demand will increase to about 1 billion gal this year.

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