Saturday, September 25

Marathon Petroleum, ADM form JV for soybean oil production

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Marathon Petroleum Corp and Archer-Daniels-Midland Co said on Thursday they would form a joint venture for the production of soybean oil to supply the rapidly growing market for renewable diesel fuel.

The joint venture will own and operate ADM’s previously announced soybean processing complex in Spiritwood, North Dakota.

ADM will own 75% of the venture, while Marathon Petroleum will own the rest, the companies said. (Reporting by Arunima Kumar in Bengaluru; Editing by Aditya Soni)