JAMESTOWN, N.D.--(BUSINESS WIRE)--Leaders from ADM (NYSE: ADM) and Marathon Petroleum Corp. (NYSE: MPC), along with local, state and federal policymakers, today celebrated the groundbreaking for North Dakota’s first dedicated soybean processing facility. By harvest 2023, the plant – owned by the previously announced ADM-MPC joint venture Green Bison Soy Processing – is expected to be producing approximately 600 million pounds of refined vegetable oil annually, which will be supplied exclusively to MPC as a feedstock for renewable diesel.
“The need for lower-carbon, more sustainable products is one of the fundamental trends underlying ADM’s strategy and purpose, and we’re proud to continue to scale up our leadership in this critical area,” said Ken Campbell, ADM’s president of North America Oils, Biodiesel and Renewable Chemicals. “Renewable diesel is a potentially transformative opportunity for the oilseed industry, for farmers, and for the sustainability of our transportation system. We’re excited to celebrate our bright future, and we look forward to working with MPC and producers across North Dakota as we bring this state-of-the-art plant online in less than a year and a half.”
“The Green Bison Soy Processing facility represents another step in MPC’s commitment to investing in a sustainable, energy-diverse future,” said Dave Heppner, MPC’s senior vice president of Strategy and Business Development. “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.”
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. Vegetable oil from the plant will be supplied exclusively to MPC to serve as feedstock for the production of a targeted 75 million gallons of renewable diesel annually.
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.
“The new Green Bison Soybean Processing Plant brings together several important and necessary components for success,” said Dwaine Heinrich, mayor of Jamestown, North Dakota. “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. Our thanks and congratulations to ADM and MPC for their collaboration to make this day possible.”
“As a Top 10 soybean-producing state, the ADM-MPC joint venture is a game-changer that will provide lasting benefits for North Dakota soybean growers,” North Dakota Gov. Doug Burgum said. “Green Bison will add value and expand the market for one of our farmers’ most important crops, while also creating 75 direct jobs and diversifying our economy to support our communities, our citizens and the entire state. It’s also a shining example of the growing synergy between our agriculture and energy sectors in North Dakota. We appreciate ADM and MPC for this significant investment in our state and their well-placed faith in our highly productive and innovative farmers, and we’re grateful for the efforts of Lt. Gov. Sanford and so many other state, federal and local partners who helped make this happen.”
Some of the above statements constitute forward-looking statements. ADM and MPC’s respective filings with the SEC provide detailed information on such statements and risks and should be consulted along with this release. To the extent permitted under applicable law, neither ADM nor MPC assume any obligation to update any forward-looking statements.
ADM unlocks the power of nature to enrich the quality of life. We’re a premier global human and animal nutrition company, delivering solutions today with an eye to the future. We’re blazing new trails in health and well-being as our scientists develop groundbreaking products to support healthier living. We’re a cutting-edge innovator leading the way to a new future of plant-based consumer and industrial solutions to replace petroleum-based products. We’re an unmatched agricultural supply chain manager and processor, providing food security by connecting local needs with global capabilities. And we’re a leader in sustainability, scaling across entire value chains to help decarbonize our industry and safeguard our planet. From the seed of the idea to the outcome of the solution, we give customers an edge in solving the nutritional and sustainability challenges of today and tomorrow. Learn more at www.adm.com.
About Marathon Petroleum Corporation
Marathon Petroleum Corporation (MPC) is a leading, integrated, downstream energy company headquartered in Findlay, Ohio. The company operates the nation's largest refining system. MPC's marketing system includes branded locations across the United States, including Marathon brand retail outlets. MPC also owns the general partner and majority limited partner interest in MPLX LP, a midstream company that owns and operates gathering, processing, and fractionation assets, as well as crude oil and light product transportation and logistics infrastructure. More information is available at www.marathonpetroleum.com.
Source: Corporate Release