Ceres Global to build canola processing facility in Saskatchewan

May 25 (Reuters) - Agriculture commodity company Ceres Global Ag Corp said on Tuesday it plans to build a $350 million integrated canola processing facility in Northgate, Saskatchewan, to help meet the growing global demand for canola products.

Canada is the biggest global producer and exporter of canola, a variant of rapeseed, that crushers process into oil and meal. Booming North American demand for renewable diesel, a clean-burning road fuel that refiners can produce from canola oil and other feedstocks, has added to interest in the crop.

Privately held U.S. agribusiness Cargill Inc and Richardson International also announced plans recently to build plants in Saskatchewan, which is the largest canola producing province in Canada. In April private agribusiness Viterra Inc also unveiled its plan to build canola-crushing plant at Regina, Saskatchewan, and open it in late 2024.

Ceres said on Tuesday the facility will have the capacity to process 1.1 million metric tons of canola and refine over 500 thousand metric tons of canola oil, for both food and fuel, annually.

The facility is expected to be operational by the summer of 2024. Ceres said it is expected to result in the creation of over 50 full time jobs in Saskatchewan. (Reporting by Arunima Kumar in Bengaluru; Editing by Shailesh Kuber)