Written Commentary
ADM, Marathon Petroleum Corp. Take Next Step in Meeting Demand for Renewable Fuels as Green Bison Production Facility Begins Operations
- November 14, 2023
- ADM Investor Services
- @TradewithAFS
ADM, Marathon Petroleum Corp. Take Next Step in Meeting Demand for Renewable Fuels as Green Bison Production Facility Begins Operations
CHICAGO & FINDLAY, Ohio–(BUSINESS WIRE)– ADM (NYSE: ADM) and Marathon Petroleum Corp. (NYSE: MPC) today celebrated the opening of their joint venture soybean processing complex, Green Bison Soy Processing, with a ribbon-cutting ceremony. The Green Bison facility in Spiritwood is North Dakota’s first dedicated soybean processing complex, and is a major step towards meeting increased demand for renewable fuels, in this case renewable green diesel.
Green Bison Soy Processing will source and process local soybeans, with the resulting oil supplied exclusively to Marathon as a feedstock for renewable fuels. The facility will produce approximately 600 million pounds of refined soybean oil annually, enough feedstock for approximately 75 million gallons of renewable green diesel per year. The approximately $350 million complex features state-of-the-art automation technology and has the capacity to process 150,000 bushels of soybeans per day. Green Bison Soy Processing began receiving soybeans in September of 2023 and is in the commissioning and startup phase of processing soybeans for meal and oil.
“Sustainability is one of the enduring trends driving changes in structural global demand, and this investment helps position ADM, as a leader in our industry, to deliver on that demand,” said Greg Morris, president of ADM’s Ag Services & Oilseeds business. “The continued growth in demand for renewable green diesel presents a transformative opportunity for the oilseed industry, for producers, and for increasing the sustainability footprint of our transportation system, and we’re proud to join with Marathon Petroleum as leaders in that transformation. We’re excited for the start of production and look forward to working together to support sustainable solutions for the food and fuel industries.”
Futures and options trading involve significant risk of loss and may not be suitable for everyone. Therefore, carefully consider whether such trading is suitable for you in light of your financial condition. The information and comments contained herein is provided by ADMIS and in no way should be construed to be information provided by ADM. The author of this report did not have a financial interest in any of the contracts discussed in this report at the time the report was prepared. The information provided is designed to assist in your analysis and evaluation of the futures and options markets. However, any decisions you may make to buy, sell or hold a futures or options position on such research are entirely your own and not in any way deemed to be endorsed by or attributed to ADMIS. Copyright ADM Investor Services, Inc.
