Phillips 66 secures renewable-fuels feedstock with investment in Iowa soybean-processing plant By Mary Page Bailey | April 26, 2021 Phillips 66 (Houston) 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 also recently announced a memorandum of understanding with Southwest Airlines to advance the commercialization of sustainable aviation fuel 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.