Chevron aims to produce 100,000bl/d of renewable fuels by 2030
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
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