The project is expected to create 65 new permanent jobs, with an average annual salary of $115,000 per year. It is estimated that the project will also require 3,000 construction jobs.

This project follows on the heels of the $3.9 billion refinery expansion that completed in 2009. Considered one of the largest manufacturing projects ever in Louisiana, the refinery was able to more than double its capacity.

“Never before in our state's history have we seen such extraordinary gains in petroleum-refining technology complemented by favorable oil and gas economics and the most rapidly improving business climate in America – and it's all happening here in Louisiana,” said Governor Bobby Jindal, in a statement Wednesday. “We're proud that Marathon Petroleum recognizes the unique strengths that Louisiana offers in all of these areas and that the company is capitalizing on this historic opportunity to redefine what leadership looks like in the vitally important energy sector. This latest project proposed by Marathon Petroleum represents yet another opportunity to assert Louisiana's leadership role as the next great state for business investment and energy growth.”