Production has started at the North Dakota soybean processing complex where the resulting oil will be used as feedstock for renewable fuels, Marathon Petroleum Corp. and food processing company ADM said in a Nov. 14 news release.
The two companies jointly developed the $350 million Green Bison Soy Processing facility located in Spiritwood, North Dakota. The facility, which sources its soybeans from local and statewide growers, will produce about 600 million pounds of refined soybean oil annually, all of which will be used by Marathon.
“As we continue challenging ourselves to lead in sustainable energy, our joint venture with ADM not only strengthens our presence in North Dakota, but also gives us the opportunity to collaborate further with a world-class partner as we continue investing in a sustainable, energy-diverse future,” Dave Heppner, Marathon’s senior vice president of Strategy and Business Development, said in the release. “Green Bison Soy Processing’s Spiritwood facility is an important milestone in our ability to source and optimize logistically advantaged feedstock for our growing renewable fuels business.”
Soybeans processed at the facility, the first of its kind for North Dakota, will be used to create renewable diesel. The facility is in the commissioning and startup phase of processing soybeans for meal and oil, according to the news release.
Marathon delivered 2.4 billion gallons of renewable fuels in 2022, according to its latest sustainability report, avoiding nearly 10 million tonnes of CO2 transportation emissions.
Recommended Reading
What's Affecting Oil Prices This Week? (April 29, 2024)
2024-04-29 - Stratas Advisors says even with the reported drawdown in U.S. crude inventories, the price of Brent crude oil remains below the upward channel that had been in place since January of this year.
What's Affecting Oil Prices This Week? (March 25, 2024)
2024-03-25 - On average, Stratas Advisors are forecasting that oil supply will be at a deficit of 840,000 bbl/d in 2024.
US Leads Global Oil Production for Sixth Straight Year-EIA
2024-03-11 - The Energy Information Administration says it is unlikely that the record will be broken by another country in the near term.
Kissler: Mideast Tension Elevates Crude Prices—But for How Long?
2024-05-09 - Producers should be aggressive in locking in desirable crude oil prices on an abnormal market strength.
What's Affecting Oil Prices This Week? (March 18, 2024)
2024-03-18 - On average, Stratas Advisors predicts that supply will be at a deficit of 840,000 bbl/d during 2024.