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A new soyabean processing plant being built by South Dakota Soybean Processors (SDSP) would be jointly owned by SDSP subsidiary High Plains Partners and BP Products North America, a subsidiary of global energy giant BP, World Grain wrote.

“The investment by BP further strengthens our business plan by providing direct access and vision into the rapidly growing renewable fuels market,” SDSP CEO Tom Kersting was quoted as saying in the 25 September report.

Due to become operational in 2025, the US$500M facility would have the capacity to process 35M bushels/year of soyabeans – the equivalent of 1M tonnes of crops with high oil content, the report said.

Storage volume for the High Plains Processing facility would be 4M bushels of soyabeans/high-oil content seeds, 8,000 tonnes of meal/hulls, 46.56M litres (12.3M gallons) of crude oil, and 13.32M litres (3.52M gallons) of refined oil, World Grain wrote.

“BP is developing high-value, lower carbon-intensity feedstocks for our biofuels business in service of our ambitious plans to grow production to 100,000 barrels/day by 2030,” Nigel Dunn, senior vice president of biofuels growth at BP, added.