Marathon Petroleum Company LLC, a subsidiary of Marathon Oil Company (NYSE:MRO),reported that the comoany is moving forward with construction of the $2.2 billion Heavy Oil Upgrade Project refinery expansion project, after halting construction in February 2009 due to poor market conditions.
The press release is quoted as saying:
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.
