Phillips 66 invests in Shell Rock Soy to secure feedstock supply for renewable diesel

In Texas, 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, named after the nearby town in northeast Iowa, where it will be built. The plant, which is pending state and local approvals, will yield approximately 4,000 barrels per day of soybean oil. Phillips 66 has an agreement to purchase 100% of the plant’s soybean oil production that will be used to make renewable fuels.