COFFEYVILLE, KS-Farmland Industries Inc., North America’s largest farmer-owned cooperative, has a signed letter of intent to sell its oil refinery in Coffeyville. Sale of the 94-year-old facility was spurred by new Federal clean air regulations that would have required updating the complex at a time when Farmland is pushing to cut its expenditures. The refinery, which produces about 95,000 barrels a day, was purchased in 1940.

The sale dissolves Cooperative Refining, a joint venture Farmland formed in 1999 with National Cooperative Refinery Association. NCRA is owned by Cenex Harvest States Cooperative of St. Paul, MN; MFA Oil of Columbia, MO; and Growmark of Bloomfield, IL–all farmer-owned cooperatives. NCRA also has an 80,000 barrel a day refinery in McPherson, KS.

The buyer and the sale price were not disclosed. Farmland revenues were $12.2 billion in fiscal 2000, up nearly $5 billion from five years before. Its debt had grown to nearly $480 million in the last decade, owing to expansion.

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