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Phillips 66 is securing feedstock for the company's growing portfolio of renewable fuels projects by investing in a new soybean processing plant in Iowa.
The company’s investment gives it a minority ownership stake in Shell Rock Soy Processing, which is named after the nearby town in northeast Iowa where it will be built. The facility will be located in one of the top soybean production states, with rail options that will provide direct access to diverse markets, Phillips 66 officials said in a press release.
The plant's close proximity to the Iowa Northern Railway will contribute to "efficient traffic-flow patterns" across the logistics park, according to the Shell Rock Soy Processing website.
The plant, which is pending state and local approvals, will yield approximately 4,000 barrels per day of soybean oil. Phillips 66 has agreed to purchase all of the plant’s soybean oil to make renewable fuels.
The $243.4 million processing plant — which is designed to crush nearly 40 million bushels of soybeans annually — recently won $4.1 million in state tax credits.