The Continental Refining Company (CRC) announced it is moving forward with plans to invest an additional $20 million (€16.5 million) to acquire and install a soybean crushing, biodiesel refining and blending facility.
CRC has completed its evaluation of the project feasibility at the current CRC oil refinery in Somerset, Kentucky.
It is making progress with detailed design, equipment procurement, permitting, and construction of a soybean processing facility, biodiesel plant, and a fuels terminal.
CRC products will include soy meal, soy oil, soy hulls, B100, crude glycerin, biodiesel, gasoline, and other products.
Entrepreneur and Hemisphere Limited CEO Demetrios Haseotes purchased the refinery in 2011, investing over $60 million (€49. 5million) updating and improving the facility’s crude oil refining capabilities.
Haseotes will now shift his focus to soybeans as the future of diesel energy production and additives at his Continental refinery.
“The south central and south eastern regions of Kentucky have industries and institutions that rely on diesel fuels, and because Kentucky is a leader in the nation for soybean production, the region also has the raw materials and technology to make biodiesel at a scale that reflects the local and regional demand.” Haseotes said. “We have consulted with local, progressive soybean producers, taken their input and they are very encouraged about the project.
“We look forward to investing in the future of energy production that actually creates beneficial biproducts we can in turn sell, like high-protein fibre meal for poultry and livestock.”
Haseotes added: “Our new operation will provide energy for animal and machine, the perfect complement to our regional economy.”
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