Marathon Petroleum in Advanced Talks For Alaska Plant Sale

Marathon Petroleum Corp. is in “advanced discussions with several parties” on the sale of its Kenai refinery in Alaska as the company seeks to streamline operations and focus on renewables, according to its top boss.

The largest independent U.S. crude refiner by market value is aiming for increased opportunities in the shift away from fossil fuels “where things are going to be growing over the next couple of decades,” Chief Executive Officer Michael J. Hennigan said during a conference call with analysts. Expanding Marathon’s refining footprint is “not a priority.”