Marathon Petroleum and Neste formed a $1bn joint venture.

Marathon Petroleum, a petroleum refining, marketing, and transportation company, and Neste, an oil refining and marketing company, formed a $1bn joint venture. "We're excited to partner with Neste as this strategic partnership enhances our strong Martinez project by leveraging our complementary strengths and expertise and is consistent with our previously announced strategy to source low carbon intensity feedstocks through long-term arrangements, joint ventures and alliances. The project will utilize existing processing infrastructure, diverse inbound and outbound logistics, and is optimally located to support California's LCFS goals while strengthening MPC's footprint in renewable fuels. Our partnership with Neste signals another step in our commitment to the energy evolution and our focus on lowering the carbon intensity of our operations and the products we manufacture," Michael J. Hennigan, Marathon Petroleum President and CEO.