FINDLAY, Ohio & CHICAGO–(BUSINESS WIRE)– Marathon Petroleum Corp. (NYSE: MPC) and ADM (NYSE: ADM) announced today an agreement to form a joint venture for the production of soybean oil to supply rapidly growing demand for renewable diesel fuel.
Under the terms of the agreement, the joint venture will own and operate ADM’s previously announced soybean processing complex in Spiritwood, North Dakota, with ADM owning 75 percent of the joint venture and MPC owning 25 percent. When complete in 2023, the Spiritwood facility will source and process local soybeans and supply the resulting soybean oil exclusively to MPC. 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.
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