Marathon and Ashland Close Joint Venture Transaction

USX's Marathon Oil Company and Ashland Inc. have announced that they have closed the transaction that officially creates the refining and marketing company, Marathon Ashland Petroleum LLC. The close of the transaction was effective Jan. 1, 1998.

Marathon has a 62 percent interest in the new company and Ashland holds a 38 percent interest.

Marathon Ashland Petroleum will operate seven refineries with a combined capacity of 935,000 barrels per day, or six percent of the total U.S. refining capacity. The refineries are located at Garyville, La.; Catlettsburg, Ky.; Robinson, Ill.; St. Paul Park, Minn.; Texas City, Texas; Detroit, Mich.; and Canton, Ohio. The new company will have 84 light products and asphalt terminals in the Midwest and Southeast United States, 5,400 retail-marketing outlets in 20 states, and significant pipeline holdings.

Marathon Oil Co. is a part of the USX-Marathon Group. Ashland Inc. is a large energy and chemical company engaged in petroleum refining and marketing and road and highway construction.