BP, High Plains Partners announce new joint venture at groundbreaking for South Dakota crush plant
High Plains Processing LLC, a subsidiary of South Dakota Soybean Processors, along with project partners, investors and state and local officials, hosted a private groundbreaking ceremony and celebration Sept. 19 for the new multiseed processing facility south of Mitchell, South Dakota, which is being built by SDSP.
During the groundbreaking ceremony, with nearly 300 guests in attendance, High Plains Processing announced a new joint venture between BP Products North America Inc., a subsidiary of BP plc, and High Plains Partners LLC.
With this new joint venture, High Plains Partners and BP will be the owners of the High Plains Processing facility.
“We are excited to have BP, one of the world’s leading integrated energy companies, as a strategic partner in this new venture,” said Tom Kersting, CEO of South Dakota Soybean Processors. “The investment by BP further strengthens our business plan by providing direct access and vision into the rapidly growing renewable fuels market.”
Nigel Dunn, senior vice president of biofuels growth at BP, added, “BP is developing high-value, lower carbon-intensity feedstocks for our biofuels business in service of our ambitious plans to grow production to 100,000 barrels a day by 2030. We are delighted to be working together with High Plains Processing in this multiseed crush plant, which will form part of our competitively positioned supply chain.”
The $500 million facility is expected to be operational in 2025 and will have the capacity to process 35 million bushels of soybeans annually, or the equivalent of 1 million tons of crops with high oil content.
The High Plains Processing facility will provide an economic boost to not only the Mitchell area, but also the entire state of South Dakota while creating an estimated 85 full-time job opportunities and payroll of approximately $5.5 million annually.
The strategic joint venture between BP and High Plains Partners is one that will provide long-term benefits to producers and communities across South Dakota for years to come.
“The new strategic partnership between High Plains Partners and BP will have a monumental impact on not only the Mitchell community, but the entire state of South Dakota,” said Gov. Kristi Noem. “This $500 million project reinforces why South Dakota is the best state in the nation to build and grow a business while also providing opportunities to better our communities.”