Marathon Petroleum Corp and ADM have announced an agreement to produce soybean oil to supply the rapidly growing demand for renewable diesel fuel.
The joint venture, which is named Green Bison Soy Processing, will own and operate a soybean processing complex in Spiritwood, North Dakota, with ADM owning 75% of the joint venture and Marathon owning 25%.
The project is expected to be complete in 2023 and the facility will source and process local soybeans and supply the resulting soybean oil exclusively to Marathon.
The 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.
Marathon Petroleum Corporation is a leading, integrated, downstream energy company headquartered in Findlay, Ohio.
The company operates the nation's largest refining system. Marathon’s marketing system includes branded locations across the United States, including Marathon brand retail outlets.
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