Marathon, ADM announce closing of renewable diesel feedstock partnership
Marathon Petroleum Corp. and Archer Daniels Midland Co. announced Dec. 14 the closing of their joint venture to produce soybean oil to supply the rapidly growing demand for renewable diesel fuel. The joint venture, which is named Green Bison Soy Processing LLC, will own and operate a soybean processing complex in Spiritwood, North Dakota, with ADM owning 75 percent of the joint venture and Marathon owning 25 percent, as previously announced in August.
Expected to be complete in 2023, the $350 million Spiritwood facility will source and process local soybeans and supply the resulting soybean oil exclusively to Marathon. The Spiritwood complex is expected to produce approximately 600 million pounds of refined soybean oil annually, enough feedstock for approximately 75 million gallons of renewable diesel per year.