OAKHURST, N.J. (DTN) -- Marathon Petroleum Corp. and ADM late Tuesday announced the closing of their joint venture to produce soybean oil to supply the rapidly growing demand for renewable diesel fuel.
The joint venture, named Green Bison Soy Processing LLC, will own and operate a soybean processing complex in Spiritwood, North Dakota. ADM owns 75% of the JV and MPC owns 25%, as previously announced in August.
Expected to be complete in 2023, the $350 million Spiritwood facility will source and process local soybeans and supply the resulting soybean oil exclusively to MPC. The Spiritwood complex is expected to produce approximately 600 million pounds of refined soybean oil annually, enough feedstock for approximately 75 million gallons of renewable diesel per year.
(c) Copyright 2021 DTN, LLC. All rights reserved.