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CENEX BUYS FARMLAND'S SHARE OF NCRA

 CENEX BUYS FARMLAND'S SHARE OF NCRA
 ST. PAUL, Minn., June 8 /PRNewswire/ -- Farmland Industries of


Kansas City, Mo., has agreed to sell its share of ownership in the National Cooperative Refinery Association (NCRA) to Cenex of St. Paul. The sale, approved by the board of directors of the two regional cooperatives late last week, will increase Cenex ownership in the 75,000-barrel-per-day McPherson, Kan., refinery from 43.7 percent to 74.2 percent.
 The purchase price of Farmland's equity ownership will be determined at the closing of NCRA's fiscal year June 30. The sale is subject to NCRA Board and government approval. The two other NCRA owners are Growmark, Inc. of Bloomington, Ill., with an 18.9 percent share, and MFA Oil Company of Columbia, Mo., with a 6.8 percent share.
 In a joint statement, Robert Oebser, Cenex group vice president, exploration, production and refining, and Farmland's Bob Honse, executive vice president, ag input operations, said the sale would result in increased distribution efficiencies and balance supply and demand for both regional cooperatives. "Under a product exchange agreement being negotiated as part of the terms, Farmland will continue to access product out of the NCRA refinery and Cenex will draw product from the 62,000-barrel-per-day Farmland refinery at Coffeyville, Kan.," Honse said. "Farmland is studying increasing capacity at Coffeyville by up to 10,000 barrels a day."
 "The Cenex-owned refinery at Laurel, Mont., is currently running at its capacity of 42,500 barrels a day," Oebser said. "The additional product availability through NCRA and the Farmland refinery at Coffeyville will enable us to better meet the growing needs of our customers."
 Farmland, based in Kansas City, is the nation's largest regional farm supply and food marketing cooperative. Farmland is owned by nearly 2,000 local cooperatives in 19 Midwest states. Cenex is a regional farm supply cooperative serving 1,600 local cooperatives in 15 states, from the Great Lakes to the Pacific Northwest.
 -0- 6/8/92
 /CONTACT: Jean Jantzen of Cenex, 612-451-5469, or Syd Courson of Farmland, 816-459-6312/ CO: Cenex; Farmland Industries; National Cooperative Refinery
 Association ST: Minnesota; Missouri IN: SU:


AL -- MN018 -- 8138 06/08/92 18:08 EDT
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Publication:PR Newswire
Date:Jun 8, 1992
Words:362
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