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MAUMEE, Ohio -- The Andersons, Inc. and Marathon Oil Corp., through a wholly-owned subsidiary, announced the companies signed a definitive agreement forming a 50/50 joint venture, which will construct one or more ethanol plants and will operate under the name The Andersons Marathon Ethanol LLC, according to an Associated Press report.
As a part of the agreement, The Andersons will provide day-to-day management of the ethanol plants, as well as corn origination, and distillers dried grain and ethanol marketing services. Also, with the joint venture, Marathon, one of the nation's leading blenders of ethanol in gasoline, will maintain the reliability of future ethanol supplies, the report stated.
Site selection for the venture's initial plant is expected to be finalized soon, and is contingent upon several factors, including access to adequate corn; proximity to ethanol and distillers dried grain customers; infrastructure and transportation; and economic incentives. Decisions related to the construction of any additional ethanol plants will be dependent upon a variety of market conditions and other relevant factors.