Hoeven says Murphy Oil Corp., based in El Dorado, Ark., bought the facility from VeraSun Energy for $92 million. He says Murphy Oil plans to invest an additional $15 million into the facility in southeastern North Dakota.
VeraSun, an ethanol manufacturer based in Sioux Falls, S.D., filed for Chapter 11 bankruptcy protection in October 2008. At the time of the filing, it owned 16 ethanol factories in eight states. The company has since sold seven of the factories to a subsidiary of Valero Energy Corp., of San Antonio.
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The plant, built in 2006, can produce 110 million gallons of ethanol a year. It began operating in July 2008 but was idled three months later.
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