REGINA — Federated Co-operatives Ltd. today announced it is not going ahead with its planned Integrated Agriculture Complex at Regina.
The company said the two main projects within the complex have been “paused.”
According to a news release, regulatory and political uncertainty, potential shifts in low-carbon public policy and escalating costs are the reasons the company won’t proceed with its renewable diesel facility and joint venture canola crush project.
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“The decision to press pause on these two projects is not one we took lightly,” said chief executive officer Heather Ryan.
“When making this decision, we undertook a robust due diligence process, that carefully considered our best pathway to meet compliance obligations, while ensuring investments are appropriate, provide value and benefit to the Co-operative Retailing System and support our short and long-term sustainability goals.”
AGT Foods is the joint venture partner and would have supplied feedstock to the diesel plant.
President and CEO Murad Al-Katib said the partnership was built on aligned vision and culture.
“While it is not the right time to continue our JV canola crush facility, agriculture remains a growth sector in Saskatchewan’s economy, where we will continue to look for new opportunities for investment,” he said.
FCL said it continues to look at ways to comply with the Clean fuel Regulations. It is investing in carbon capture at the Co-op Refinery Complex and its ethanol facility.
Contact karen.briere@producer.com
