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Magellan opens biodiesel facility at Des Moines terminal
NEW YORK, Sept 14 |
NEW YORK, Sept 14 (Reuters) - Magellan Midstream Partners LP opened a new biodiesel storage and blending system at its Des Moines, Iowa, terminal, as refiners and blenders work to meet federally mandated levels of biomass fuel.
The Iowa terminal will be able to store and blend 5,000 barrels, or 210,000 gallons of biodiesel. Grades supported are B2, B5, B10 and B20 biodiesel.
Under the Renewable Fuel Standard Act amendment in 2007, the Environmental Protection Agency calls for 1 billion gallons of biomass based fuel.
Latest EPA estimates through July put the year-to-date production at just over 500 million gallons, which has sent the obligated parties such as blenders and refiners into the market to buy credits for the fuel, which receives a Renewable Identification (RIN) number when produced.
B5 RINs are currently trading at about $1 per unit, down from the $1.26 reached in early July as more production comes online.
Magellan has ten other biodiesel facilities at their facilities. They received a partial funding for the project from the U.S. Department of Energy as well as the state and public interest groups.
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