Northstar Agri Industries, a subsidiary of US-based PICO Holdings, plans to set up a canola processing facility in Enid, Oklahoma, US.
The new facility will have a processing capacity of 2,200 tons of canola per day or 760,000 tons annually. It will feature a refinery capable of producing 580 million pounds of food grade refined canola oil and 450,000 tons of canola meal per year.
This investment is expected to create about 55 permanent full time jobs.
Enid Area regional business development manager Brent Kisling said the project offers a great opportunity for Oklahoma's agriculture sector.
"The addition of a value-added canola processing plant in Oklahoma will provide regional farmers with a much needed local market to support continued acreage growth," Kisling added.
The construction of the plant, which is subject to regulatory approvals, commitment of debt financing, and completion of remaining due diligence, is expected to be completed prior to the canola harvest in June 2015.
PICO Holdings, headquartered in La Jolla, California, is involved in the following activities: water resource and water storage, real estate, insurance, and agribusiness.
