Leaders from Marathon Petroleum Corp. and Archer-Daniels-Midland Co. (ADM), along with local, state and federal policymakers, celebrated the groundbreaking for North Dakota’s first dedicated soybean processing facility on June 2, according to a press release.
By harvest 2023, the plant is expected to be producing approximately 600 million lb of refined vegetable oil annually, which will be supplied exclusively to Marathon as a feedstock for a targeted 75 million gallons of annual renewable diesel.
Green Bison Soy Processing, owner of the plant, is a joint venture between Marathon and ADM that was announced in August 2021.
“The Green Bison Soy Processing facility will help us further optimize our renewable feedstock sourcing, and we are excited about the opportunity to partner with ADM and the state of North Dakota as we move forward with the development of this facility,” Marathon senior vice president of strategy and business development Dave Heppner commented.
When complete, the approximately $350 million complex will feature state-of-the-art automation technology and is expected to have the capacity to process 150,000 bushels of soybeans per day. The construction of the new complex is supporting hundreds of jobs in the region, and the facility is expected to employ approximately 75 people once operational.
Based in Chicago, ADM is an agricultural supply chain manager and processor, providing food security by connecting local needs with global capabilities. As a top-10 soybean producing state, the joint venture will expand North Dakota's markets and drive local economic growth.
“This joining of two of the most important components of North Dakota's economy – agriculture and energy – is made possible by a willingness to work together to achieve goals that will in the end benefit the city of Jamestown, Stutsman County and the entire state of North Dakota," Jamestown, North Dakota, mayor Dwaine Heinrich added.
Recommended Reading
Aethon to Offer $1B in Private Sale of Senior Notes
2024-09-19 - Aethon United, managed by Aethon Energy Management, said proceeds would go toward buying notes due in 2026
Dividends Declared in the Week of Sept. 9
2024-09-13 - Here is a compilation of dividends declared by select upstream and service and supply companies for third-quarter 2024.
Viper Energy Offers 10MM Shares to Help Pay for Permian Basin Acquisition
2024-09-12 - Viper Energy Inc., a Diamondback Energy subsidiary, will use anticipated proceeds of up to $476 million to help fund a $1.1 billion Midland Basin deal.
Kosmos to Repay Debt with $500MM Senior Notes Offer
2024-09-11 - Kosmos Energy’s offering will be used to fund a portion of its 7.125% senior notes due 2026, 7.750% senior notes due 2027 and 7.500% senior notes due 2028.
ONEOK Offers $7B in Notes to Fund EnLink, Medallion Midstream Deals
2024-09-11 - ONEOK intends to use the proceeds to fund its previously announced acquisition of Global Infrastructure Partners’ interest in midstream companies EnLink and Medallion.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.