Marathon, ADM to form joint venture to produce renewable diesel feedstocks

Source: By OPIS • Posted: Monday, August 23, 2021

Marathon Petroleum and agricultural processing giant Archer Daniels Midland (ADM) will form a joint venture to produce soybean oil to supply growing U.S. demand for renewable diesel, the companies said on Thursday. The companies said the joint venture will own and operate ADM’s previously announced soybean processing complex in Spiritwood, North Dakota, with ADM holding a 75% stake and Marathon, 25%. The Spiritwood facility, which is scheduled to be online in 2023, will source and process local soybeans and supply the soybean oil exclusively to Marathon, the companies said. The annual capacity of the facility is expected to be 600 million pounds of refined soybean oil, enough feedstock to produce about 75 million gal of renewable diesel annually.