Construction on Cargill's new $350 million Canola processing facility will begin early next year.
The new state-of-the-art facility will be located at Regina, and is expected to have an annual production capacity of 1 million metric tonnes.
Agriculture Minister David Marit says they are excited to see companies like Cargill recognizing that there is no better place to do business than Saskatchewan.
"Our Saskatchewan producers are known worldwide for the safe, high-quality commodities that they produce and this announcement creates the opportunity for them to see a higher return for their product."
Cargill Canada President Jeff Vassart says Cargill is excited to continue to build their business in Canada.
"We see Saskatchewan as the right place to make this investment, as Regina is well-positioned in the canola production area and there is ample talent available to support the new facility."
Premier Scott Moe says the Province welcomes this significant investment and look forward to working with Cargill to add value to the canola our producers grow.
Cargill's new facility will help the province reach Saskatchewan's Growth Plan goal to crush 75 per cent of the canola the province produces in Saskatchewan.
The government says it also supports the Growth Plan goals to grow Saskatchewan's agri-food exports to $20 billion, increase agriculture value-added revenue to $10 billion, increase the value of exports by 50 per cent and grow private capital investment in Saskatchewan to $16 billion annually.
Trade and Export Development Minister Jeremy Harrison says the new Cargill facility, will grow Saskatchewan's canola processing sector and strengthen our reputation as the world's leading exporter of canola seed, canola oil and canola meal.
Cargill's new Canola crush plant in Regina will have a similar design as their current facility at Camrose.
The company also plans to update and modernize its canola facilities in Camrose and Clavet over the next 12 months.
Regina's New Canola processing facility is expected to be operational by early 2024.