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  • By Lynda Kiernan-Stone, Global AgInvesting Media

FCL Investing $2B to Construct Integrated Ag Complex; Partners with AGT Foods on $360M Canola Crush

By Lynda Kiernan-Stone, Global AgInvesting Media

Saskatchewan-based oil company Federated Co-operatives Limited (FCL) has made multiple announcements touching upon its commitment to cut its greenhouse gases by 40 percent by 2030, and to reach net-zero emissions by 2050.

Bringing together transportation fuel and agriculture, FCL is investing $2 billion for the construction of an Integrated Agriculture Complex (IAC) near Regina, Saskatchewan, that will include a number of projects expected to provide significant economic benefits both regionally, and across Western Canada.

As part of this venture, FCL announced the signing of a memorandum of understanding to form a joint venture with AGT Food & Ingredients (AGT Foods) - a leader in plant-based proteins and the processing of pulses, grains, staples foods, and ingredients for both domestic and export markets - to construct a $360 million canola crush facility.

"We are so pleased to have AGT as a partner. Murad and his team are already playing an instrumental role in Saskatchewan agriculture and will bring a great deal of expertise to this venture," said Scott Banda, CEO, FCL. "We are excited to realize the vision we share to bring value-added opportunities to the agriculture sector in both farm-to-tank and farm-to-fork opportunities that will benefit the communities we serve." Under the terms of the agreement, the joint venture will be a 51-49 percent split, with FCL holding the majority stake. This facility builds upon the recent announcement by FLC that it intends to build a renewable diesel plant in the Regina area, and will provide approximately 50 percent of the feedstock required for production of 15,000 barrels-per-day. The remaining 50 percent of the feedstock will be contracted from other canola crush facilities.

"I applaud the leadership Scott and the team at FCL have shown in working together to pursue this exciting opportunity," said Murad Al-Katib, president and CEO, AGT Foods. "Agriculture is at the forefront of many global challenges and is providing societal solutions to global protein requirements, food and renewable fuel supplies.”

The construction phase of the IAC will create about 2,750 jobs, and once completed, has the potential to create as many as 300 permanent jobs, with gross economic output estimated to be about $4.5 billion. Ultimately, the IAC will be the source of opportunities for both local co-ops and agricultural producers “from seed to tank”, with FCL giving farmers a new marketing channel for their crops, and giving co-ops the opportunity to strengthen their relationships with producers.

"This historic announcement is about the future of our business,” said Banda. “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. 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 the opportunities that the IAC will provide for the Co-op, the City of Regina and all of Western Canada."

"Our government is grateful FCL and AGT Foods are moving forward with this significant investment that will create thousands of jobs and expand value-added processing in Saskatchewan," said Premier Scott Moe.

"The new Integrated Agriculture Complex will provide additional momentum to Saskatchewan's growing economy. With this project, more than $12 billion of capital investment has been announced for the province in the last year, including about $2 billion to build four new canola crush plants,” continued Moe.

“FCL's new renewable diesel facility will reinforce Saskatchewan's reputation as one of the most sustainable producers of energy in the world. This project is a win for the economy, a win for workers, families and communities, and a win for the environment."


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