Chevron acquires green fuels entity for $3.15 bln

USA

SAN RAMON, March 3, 2022 – Chevron has signed a definitive agreement to acquire biodiesel producer Renewable Energy Group for USD 3.15 billion, the American multinational energy company announced on Monday.

The move will combine Chevron’s manufacturing, distribution and commercial marketing abilities with Renewable Energy Group’s growing renewable fuels production.

In 2020, Renewable Energy Group produced 1.7 million tonnes of clean fuel.

Chevron aims to grow its renewable fuels production to 100,000 bpd by 2030.

The deal is expected to close in H2 2022 after passing shareholder and regulatory approvals.

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