Page 5 - Shell Rock Soy Processing News Today : Breaking News, Live Updates & Top Stories | Vimarsana

(Phillips 66/Business Wire) The company becomes a minority owner in Shell Rock Soy Processing  —  Phillips 66 (NYSE: PSX) 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% o...

A $243.4 million processing plant in northeast Iowa that's expected to crush nearly 40 million bushels of soybeans annually won $4.1 million in state tax credits Friday. The Iowa Economic Development Authority board approved the funding for Shell Rock Soy Processing, with $2.25 million of the credits based on the size of the investment and the remainder as a sales tax refund on equipment purchases. The board also approved incentives for two other projects. CJ Bio America near Fort Dodge will receive $675,600 in tax credits for a $20.5 million expansion and Sadler Power Train in Cedar Rapids...