FCL To Build Canola Processing Plant And Canada’s Largest Renewable Diesel Facility In Regina
Today, Federated Co-operatives Limited (FCL) announced its plans to develop an Integrated Agriculture Complex (IAC) north of the Co-op Refinery Complex in Regina. The IAC will include a renewable diesel facility, as well as a new canola crushing plant in partnership with AGT Foods.
The FCL renewable diesel production plant alone represents a nearly $2 billion investment for the province and is expected to create more than 2,500 construction jobs and 150 permanent operating jobs. The entire IAC is estimated to have direct and indirect economic benefits of approximately $4.5 billion.
“This is a tremendous opportunity for Saskatchewan and for FCL and AGT Foods that will bolster the sustainability and economic goals of these companies and the province,” Premier Scott Moe said. “Our province has the food, fertilizer, and fuel the world needs, including renewable energy from canola grown and processed here, which speaks to the heart of our plan for economic recovery and growth as we work to build an independent, strong and sustainable Saskatchewan.”
The FCL-AGT canola crushing facility will ensure Saskatchewan exceeds its 2030 Growth Plan goal of processing 75 per cent of the canola grown in the province. It also supports the Growth Plan goal of increasing agriculture value-added revenue to $10 billion.
The FCL renewable diesel plant will have a production capacity of 15,000 barrels per day, or about 1 billion litres per year. The FCL-AGT canola crush facility will use 1.1 million tonnes of canola seed to produce 450,000 tonnes of oil, supplying approximately 50 per cent of the feedstock required for the renewable diesel plant, with the remainder of the supply being contracted from other canola crush facilities.
“We know the synergies between transportation fuel production and agriculture will play a vital role in Western Canada’s transition to the low carbon economy,” FCL CEO Scott Banda said. “We believe our Co-op Retailing System is well-positioned to integrate and capture the full agricultural value-chain in the production of fuel and value-added products. We are excited about our partnership with AGT and ultimately what this announcement means for value-added agriculture in our province.”
With facilities and outlets in 249 communities in Saskatchewan, FCL and local co-ops employ more than 10,000 workers across the province.
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For more information, contact:
Robin Speer Trade and Export Development Regina Phone: 306-519-5006 Email: robin.speer@gov.sk.ca
TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.
The S&P/TSX composite index was up 103.40 points at 24,542.48.
In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.
The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.
The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.
The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.
This report by The Canadian Press was first published Oct. 16, 2024.
TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.
The S&P/TSX composite index was up 205.86 points at 24,508.12.
In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.
The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.
The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.
The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.
This report by The Canadian Press was first published Oct. 11, 2024.
TORONTO – Canada’s main stock index was little changed in late-morning trading as the financial sector fell, but energy and base metal stocks moved higher.
The S&P/TSX composite index was up 0.05 of a point at 24,224.95.
In New York, the Dow Jones industrial average was down 94.31 points at 42,417.69. The S&P 500 index was down 10.91 points at 5,781.13, while the Nasdaq composite was down 29.59 points at 18,262.03.
The Canadian dollar traded for 72.71 cents US compared with 73.05 cents US on Wednesday.
The November crude oil contract was up US$1.69 at US$74.93 per barrel and the November natural gas contract was up a penny at US$2.67 per mmBTU.
The December gold contract was up US$14.70 at US$2,640.70 an ounce and the December copper contract was up two cents at US$4.42 a pound.
This report by The Canadian Press was first published Oct. 10, 2024.
