Chevron buys US biofuels firm REG for $3.15bn
US oil and gas company says deal will speed progress towards 2030 renewable fuel production target
Chevron has accelerated its push into renewable fuels with a $3.15bn deal to acquire Iowa-based biofuels company Renewable Energy Group (REG). REG operates 11 biorefineries in the US and Europe, supported by an integrated procurement, distribution and logistics network. Chevron says the deal, which is expected to close in the second half of 2022, will accelerate its progress towards its goal of producing 100,000bl/d of renewable fuels by 2030. “REG was a founder of the renewable fuels industry and has been a leading innovator ever since,” says Chevron CEO Mike Wirth. “Together, we can grow more quickly and efficiently than either could on its own.” Chevron paid a premium of around 57pc on a
Also in this section
10 May 2024
Launch of project powered by geothermal energy in Iceland marks step forward in push to scale up expensive direct-air-capture technology
8 May 2024
Allowance prices rise 34% since start of year as regulator imposes tighter limits and considers reduction of free allocations
7 May 2024
Policymakers should consider backing enhanced weathering as a CDR technique with benefits to the agricultural sector
3 May 2024
Developers look to government’s forthcoming budget to restore support as industry suffers loss of momentum