Phillips 66, Renewable Energy Group Withdraw Renewable Diesel Project in Washington State

Date : 01/21/2020 @ 2:14PM
Source : Dow Jones News
Stock : Renewable Energy Group Inc (REGI)
Quote : 26.45  0.56 (2.16%) @ 9:30PM
After Hours
Last Trade
Last $ 26.45 ◊ 0.00 (0.00%)

Phillips 66, Renewable Energy Group Withdraw Renewable Diesel Project in Washington State

Phillips 66 (NYSE:PSX)
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2 Months : From Dec 2019 to Feb 2020

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By Michael Dabaie

 

Phillips 66 (PSX) and Renewable Energy Group Inc. (REGI) said they discontinuing their joint effort to construct a large-scale renewable diesel plant in Ferndale, Washington.

The companies said the project was canceled due to permitting delays and uncertainties.

The companies said the 250 million gallon per year project was unveiled in the fall of 2018.

"While we believe the Ferndale Refinery is a strategic fit for this renewable diesel project, permitting uncertainties were leading to delays and higher costs," said Robert Herman, Phillips 66 executive vice president of refining.

 

Write to Michael Dabaie at michael.dabaie@wsj.com

 

(END) Dow Jones Newswires

January 21, 2020 08:59 ET (13:59 GMT)

Copyright (c) 2020 Dow Jones & Company, Inc.

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