US refiner Marathon Petroleum Corporation (MPC) and global agribusiness giant Archer Daniels Midland Co (ADM) have closed a joint venture for the production of soyabean oil to supply growing demand for renewable diesel, ADM announced on 14 December.

Details of the joint venture were first announced in August, when ADM said the Green Bison Soy Processing joint venture would own and operate a soyabean processing complex in Spiritwood, North Dakota, with ADM owning 75% of the company and MPC owning 25%.

Due for completion in 2023, the US$350M facility would source and process local soyabeans and exclusively supply the soyabean oil produced to MPC, ADM said.

With a production capacity of approximately 272,155 tonnes/year (600M pounds/year), the Spiritwood complex is expected to supply feedstock for approximately 284M litres/year (75M gallons/year) of renewable diesel, according to the statement.