By Kathryn Hardison
As demand for renewable diesel mounts, Archer Daniels Midland Co. and Marathon Petroleum Corp. have broken ground on a facility in North Dakota that will support the production of millions of gallons of renewable diesel every year.
The Spiritwood, N.D.-based facility will be online by the 2023 harvest and will produce 600 million pounds of refined vegetable oil annually that will be supplied to MPC. The company will use the oil to create renewable diesel.
ADM and MPC will own the $350 million facility under a joint venture called Green Bison Soy Processing. This marks the first dedicated soybean processing facility in North Dakota.
Ken Campbell, ADM’s president of North America oils, biodiesel and renewable chemicals, said in prepared remarks that the need for lower-carbon products is fundamental to ADM’s strategy.
“Renewable diesel is a potentially transformative opportunity for the oilseed industry, for farmers, and for the sustainability of our transportation system,” Mr. Campbell said.
ADM shares were trading at $88.74 on Thursday, up 31% so far this year. MPC shares were trading at $103.52, up 61.7% for the year.
Write to Kathryn Hardison at [email protected]
