Marathon Petroleum today said it would defer a final investment decision on the proposed residual oil upgrader expansion at its Garyville, La., refinery. Marathon CEO Gary Heminger said the company would further evaluate the implications of current market conditions on the project. It was reported last April that Marathon was set to file permits with Louisiana regulators for the Garyville expansion, which was estimated to cost as much as $2.5 billion.
Marathon also announced a $1.28 billion capital plan for its refining and marketing segment, including $370 million for refining margin enhancement projects, $235 for midstream investments and $675 million for refinery-sustaining capital.
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