Steel Reef is a midstream company focused on strategically partnering with oil and gas exploration, development and production companies to develop a portfolio of midstream assets, through acquisition or construction, with a view to generating a regular dividend for its investors. Its facilities throughout North America have an aggregate grain and oilseed storage capacity of approximately 29.7 million bushels.Ĭeres also has a 50% interest in Savage Riverport, LLC, a joint venture with Consolidated Grain and Barge Co., a 25% interest in Stewart Southern Railway Inc., a short-line railway located in southeast Saskatchewan with a range of 130 kilometers, and a 17% interest in Canterra Seed Holdings Ltd, a Canadian-based seed development company. Through its network of commodity logistics centers and team of industry experts, Ceres procures and supplies North American agricultural commodities and value-added products, industrial products, fertilizer, energy products and reliable supply chain logistics services to customers worldwide.Ĭeres operates five locations, Duluth, MN Minneapolis, MN Shakopee, MN Northgate, Saskatchewan and Port Colborne, Ontario, and is headquartered in Minneapolis, MN. Steel Reef has advised that the JV relationship with Ceres will allow it to develop a highly desirable rail terminal that will provide a valuable service to its Saskatchewan and North Dakota energy customers levering the parties’ collective technical expertise and operational performance, to deliver an alternative for natural gas liquids egress.Ībout Ceres Global Ag Corp.
By leveraging the complimentary and combined strengths of Ceres and Steel Reef, the JV will provide customers with industry-leading cost competitive market rail access between the U.S. With some of the best talent in the industry, aggressive development of infrastructure in Canada, and strong industry relationships, Steel Reef is the ideal partner for Ceres in this venture. “We are excited about partnering with Steel Reef. “The creation of the JV significantly enhances our competitiveness in the North American NGL market, a critical piece of our strategy to develop Northgate into a highly competitive transportation hub for energy products” said Robert Day, President and Chief Executive Officer of Ceres. The JV’s facilities will operate as an open terminal, providing transloading and logistics services to the general marketplace. The JV’s facilities are being developed as a world-class hydrocarbon rail terminal, leveraging Northgate’s extensive existing rail infrastructure to utilize high-speed loading facilities and future pipeline service to provide market access for the growing supply of natural gas liquids (“NGLs”) produced in the U.S Bakken and the Western Canadian Sedimentary Basin. This announcement follows the previously-disclosed news that the parties had executed a letter of intent regarding the JV. The JV, which will be named in the near future, is expected to commence operations as of July 1, 2019. The JV’s facilities will be located at Ceres’ Northgate, Saskatchewan rail terminal (“Northgate”), a BNSF-served location ideally situated to facilitate rail movements between the Canadian and US markets. (“Steel Reef”) focused on the transloading of hydrocarbon products for movement between the US and Canada. (TSX: CRP) (“Ceres” or the “Company”) announced today it has formally established a 50/50 joint venture (“JV”) with Steel Reef Infrastructure Corp. Minneapolis, MN, (June 5, 2019) – Ceres Global Ag Corp. CERES GLOBAL ANNOUNCES FORMATION OF HYDROCARBON TRANSLOADING VENTURE
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