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POET to Idle Cloverdale, Indiana Facility due to Exemption
8/20 1:26 PM
POET to Idle Cloverdale, Indiana Facility due to Exemptions OAKHURST, N.J. (DTN) --- POET today announced it will idle production at its bioprocessing facility in Cloverdale, Ind., due to recent decisions by the Administration regarding Small Refinery Exemptions. The process to idle the plant will take several weeks, after which the plant will cease processing of over 30 million bushels of corn annually and hundreds of local jobs will be impacted. POET has decreased production at half of its biorefineries, with the largest reductions taking place in Iowa and Ohio. As a result, numerous jobs will be consolidated across POET's 28 biorefineries, and corn processing will drop by an additional 100 million bushels across Iowa, Ohio, Michigan, Indiana, Minnesota, South Dakota and Missouri. POET Chairman and CEO Jeff Broin said, "The Renewable Fuel Standard was designed to increase the use of clean, renewable biofuels and generate grain demand for farmers. Our industry invested billions of dollars based on the belief that oil could not restrict access to the market and EPA would stand behind the intent of the Renewable Fuel Standard. Unfortunately, the oil industry is manipulating the EPA and is now using the RFS to destroy demand for biofuels, reducing the price of commodities and gutting rural economies in the process." (c) 2019 DTN. All rights reserved.