American oil company Chevron buys Renewable Energy Group for $3.150M

By : Dr. Franyi Sarmiento, Ph.D., Inspenet, March 9, 2022

The energy company Chevron Corporation will acquire Renewable Energy Group (REG) in an operation valued at $3.150 million.

The acquisition combines REG’s growing renewable fuel production and core feedstock capabilities with Chevron’s strong manufacturing, distribution and marketing position.

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“REG was one of the founders of the renewable fuels industry and has been an innovative leader ever since. Together, we can grow faster and more efficiently than either of us could alone,” said the president and CEO of Chevron, Mike Wirth.

The transaction is expected to accelerate progress toward Chevron’s goal of increasing renewable fuel production capacity to 100,000 barrels per day by 2030 and provide additional supplies of raw materials and pretreatment facilities.

REG uses an integrated global procurement, distribution and logistics network to operate 11 biorefineries in the United States and Europe. In 2020, REG produced 519 million gallons, or 1.7 million metric tons, of cleaner fuel, with a reduction of 4.2 million metric tons of carbon.

Source : https://www.petrolplaza.com/news/29359