Marathon Petroleum, ADM form JV for soybean oil production
Aug 19 (Reuters) - Marathon Petroleum Corp and Archer-Daniels-Midland Co said on Thursday they would form a joint venture (JV) to produce soybean oil for the fast-growing renewable diesel fuel market.
The JV will own and operate ADM's previously announced soybean processing complex in Spiritwood, North Dakota, the companies said in a statement.
Expected to be complete in 2023, the Spiritwood facility will source and process local soybeans and supply the resulting soybean oil exclusively to Marathon Petroleum.
The complex is expected to produce about 600 million pounds of refined soybean oil annually, enough feedstock for about 75 million gallons of renewable diesel per year.
The JV will be majority-owned by ADM with a 75% stake, while Marathon Petroleum will own the rest. (Reporting by Arunima Kumar in Bengaluru; Editing by Aditya Soni)
