US energy company Phillips 66 has secured feedstock for its renewable fuels projects following its investment in a new soyabean processing plant in Iowa, the company announced on 20 April.

The company’s investment gives it a minority ownership stake in Shell Rock Soy Processing.

Pending state and local approval, the plant will produce approximately 4,000 barrels/day of soyabean oil, according to Phillips 66.

Phillips 66 said it had agreed to purchase 100% of the plant’s soyabean oil production for use in its renewable fuels.

“This strategic investment expands our reach into the renewable diesel value chain and provides secure feedstock,” said Phillips 66 executive vice president of marketing and commercial Brian Mandell.

In addition to soyabean oil, Shell Rock Soy Processing will produce more than 900,000 tonnes/year of soyabean meal and hulls for livestock feed. It is aiming for a start date of December 2022.

The investment in Iowa follows the company’s plans – announced last year – to convert its Rodeo Refinery into a renewable fuels facility.

Phillips 66 said the plant would produce approximately 800M gallons/year (3.bn litres) of renewable diesel, renewable gasoline and sustainable jet fuel from used cooking oils, fats, greases, vegetable oils and other feedstocks rather than from crude oil.

The project would be completed in early 2024, subject to permits and approvals, the company said.