GROWMARK Makes Energy Investments

Cindy Zimmerman Audio, Energy, FS System, GROWMARK, Propane

growmark-energyGROWMARK announced two major energy-related investments last month that provide benefits for the members of the Illinois-based agricultural cooperative.

First, GROWMARK acquired a propane terminal in Plattsburg, Missouri which is connected to the ONEOK pipeline, has 270,000 gallons of storage and the capability to load out two trucks at once. “It gives us another asset and access to propane,” said Kevin Carroll, vice president, energy and logistics. “Our customers expect us to have it when they need it so we’ve got back up supplies and a lot of alternative sources.” GROWMARK also owns a refined and renewable fuels terminal in Wathena, Kansas near St. Joseph, Missouri. “Marketing propane through the Plattsburg terminal also makes us a more complete supplier in the geography given the proximity to the Wathena refined fuel terminal,” Carroll adds.

growmark-upiGROWMARK also recently reached an agreement with Suncor to purchase 50 percent interest in UPI, Inc. in Ontario, Canada. The transaction, subject to conditions including regulatory approvals, brings GROWMARK’s ownership of UPI to 100 percent. “We’ve been in that joint venture for a little over 20 years,” Carroll explains, noting that it was a mutual agreement for the benefit of both parties. Suncor and GROWMARK have also entered into long-term supply agreements for GROWMARK’s petroleum needs in Ontario. “We wanted assurance from a refiner in the province that we’d have product and Suncor wanted assurance from a distributor or retailer that their product would be put out into the marketplace so it worked out well for both of us,” he said.

Learn more about GROWMARK’s energy outlook in this interview with Carroll. Interview with Kevin Carroll, GROWMARK Energy

Audio, Energy, FS System, GROWMARK, Propane