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News Breaks
February 7, 2013
16:33 EDTCLMT, MDUCalumet Specialty Products and MDU Resources announce joint venture
Calumet Specialty Products Partner (CLMT) announced that it has entered into a joint venture agreement with MDU Resources Group (MDU) to develop, build and operate a diesel refinery in southwestern North Dakota. The joint venture will be called Dakota Prairie Refining. Calumet's participation in the joint venture will be through a wholly-owned subsidiary, Calumet North Dakota. MDU Resources Group, Inc.'s participation will be through its wholly owned subsidiary, WBI Energy. The refinery is expected to process 20,000 barrels per day of Bakken crude oil primarily to produce diesel to serve strong product demand in the region. Construction of the refinery could begin late in the second quarter of 2013 with startup of the refinery expected late in the Q4 of FY14. The refinery's engineering and plant design are in the final stages, with total cost of the project estimated at approximately $300M The refinery is expected to employ approximately 100 people and will be located near Dickinson in Stark County, North Dakota. The capitalization of the joint venture is expected to be funded through contributions of $150M from MDU Resources Group and $75M from Calumet and proceeds of $75M from an unsecured syndicated term loan facility with the joint venture as the borrower. The term loan facility is expected to be funded prior to the end of the first quarter of 2013. Funding for the project will occur over the course of the construction period, with the majority of the direct funding by Calumet and MDU expected in 2014.
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July 21, 2014
11:01 EDTMDUMDU Resources sells certain oil, natural gas production assets in North Dakota
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