Eni to Invest Up to $885 Million in US Biorefinery
February 16 2023 - 7:23AM
Dow Jones News
By Adria Calatayud
Eni SpA said Thursday it has agreed to form a joint venture with
PBF Energy Inc. for a U.S. biorefinery currently under
construction, in which the Italian energy company plans to invest
up to $885 million.
Eni said its sustainable mobility arm will contribute $835
million and an additional amount of up to $50 million, subject to
project milestones, upon completion of the transaction.
The 50:50 JV for the biorefinery , called St. Bernard Renewables
LLC, will be located next to PBF's Chalmette refinery in Louisiana,
Eni said. The deal remains subject to customary closing conditions,
including regulatory approvals, Eni said.
The JV is scheduled to start in the first half of 2023, with
processing capacity at the facility expected to be 1.1 million tons
a year of raw materials, Eni said. The site will mainly produce
hydrotreated vegetable oil, with production capacity of 306 million
gallons a year, Eni said.
Write to Adria Calatayud at adria.calatayud@dowjones.com
(END) Dow Jones Newswires
February 16, 2023 07:08 ET (12:08 GMT)
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