Murphy Oil Corp. (MUR) announced that through a subsidiary, it has acquired a corn-based ethanol plant located in Hankinson, North Dakota for $92 million. The purchase price will be financed primarily through non-recourse debt offered via the sellers. Additionally, an estimated $15 million in working capital will be invested into the facility. The plant, which initially began operating in July 2008 before being idled in October 2008, has an annual production capacity of 110 million gallons.
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