ADM, the leading producer of the project, will own 75% of the planned $ 350 million factory and 25% of the marathon, it announced on Thursday. The plans call for 100% production of soybean oil from the diesel plant to run the diesel recycling marathon in Dixon, North Dakota.
The project includes the demolition of part of the $ 350 million soybean processing plant, which can handle 150,000 bushes a day.
Connie Ova, chief executive of Jamstown Development Corporation, said the business relationship between ADM and Marathon Petroleum was widely suspected in the community, but this was the first public announcement of the deal, and the announcement confirmed that it was all soybeans. He works for Biodiesus at the Spiritwoodwood Institute.
Ova said the change in the factory’s corporate structure will not change the incentive package offered by JSDC and Stutsman County to the facility.
ADM has received nearly $ 2.5 million in grants from JSDC and will pay $ 225,000 in tax compensation for 15 years under Statsman County.
Encouraged by the project, Senator John Hoven, Rendy has a partnership to strengthen ties between North Dakota Agriculture and the Energy Industry.
“We have presented the case to ADM to open a soybean mill in North Dakota and we have listed great opportunities for such partnerships that will benefit not only the local economy and farmers, but the state as a whole,” he said. The statement said, “This partnership is part of our quest for a four-on-one project that will connect the soybean mill to the agricultural and energy industries in North Dakota in a new and innovative way.
According to ADM Media, the demolition work will begin by the end of the year.
“We are looking forward to the start of construction this fall,” he said, as the number of contractors on the site increases dramatically in the first half of next year.
Plans call for the completion of the 2023 plant, Ova said at the time.
“The schedule is the same,” she said. They want to get up by September 2023.
Some of the projects announced on Thursday by ADM and Marathon are unknown, but he has promised to continue working on projects to use agricultural products.
Upon completion, the Spiritwood plant will produce about 600 million pounds of refined soybean oil annually. It will be transported to the Marathon Dixon refinement and will generate about 75 million gallons of renewable fuel.
The Spruce Foundation buys locally produced soybeans and employs about 75 people.