Bracewell LLP advised Phillips 66 on the deal.
Phillips 66 announced its investment in a minority ownership stake in Shell Rock Soy Processing LLC. Shell Rock is developing a soybean oil processing facility in Shell Rock, Iowa, that will produce, among other products, crude degummed soybean oil. Once completed, the plant will yield approximately 4,000 barrels per day of soybean oil.
As part of the transaction, Phillips 66 entered into an offtake agreement to purchase 100 percent of the plant’s soybean oil production that will be used to make renewable fuels.
The transaction is expected to close on May 11.
The Bracewell team included Ryan S. Holcomb (Picture), Elizabeth L. McGinley and Sidney Nuñez.
Law Firms: Bracewell LLP;
Clients: Phillips 66 Partners LP;