Ceres Global to build canola processing facility in Saskatchewan

Ceres Global Ag

25/05/2021 12:00

May 25 (Reuters) - Agriculture commodity company Ceres
Global Ag Corp  CRP.TO  said on Tuesday it plans to build a $350
million integrated canola processing facility in Northgate,
Saskatchewan, to help meet the growing global demand for canola
products.
    Canada is the biggest global producer and exporter of
canola, a variant of rapeseed, that crushers process into oil
and meal. Booming North American demand for renewable diesel, a
clean-burning road fuel that refiners can produce from canola
oil and other feedstocks, has added to interest in the crop.
    Privately held U.S. agribusiness Cargill Inc  CARG.UL  and
Richardson International also announced plans recently to build
plants in Saskatchewan, which is the largest canola producing
province in Canada. In April private agribusiness Viterra Inc
also unveiled its plan to build canola-crushing plant at Regina,
Saskatchewan, and open it in late 2024.  urn:newsml:reuters.com:*:nL1N2MJ1NZ
    Ceres said on Tuesday the facility will have the capacity to
process 1.1 million metric tons of canola and refine over 500
thousand metric tons of canola oil, for both food and fuel,
annually.
    The facility is expected to be operational by the summer of
2024. Ceres said it is expected to result in the creation of
over 50 full time jobs in Saskatchewan.

 (Reporting by Arunima Kumar in Bengaluru; Editing by Shailesh
Kuber)
 ((Arunima.Kumar@thomsonreuters.com;))