Chevron to Buy Biofuel Producer Renewable Energy Group

by Ship & Bunker News Team
Tuesday March 1, 2022

US-based oil company Chevron is set to acquire biofuel producer Renewable Energy Group.

The two firms have signed a deal for Chevron to buy the company for $3.15 billion, Chevron said in a statement on its website on Monday. The deal is expected to close in the second half of 2022, subject to shareholder and regulatory approval.

The deal will accelerate Chevron's plans to grow renewable fuels production capacity to 100,000 b/d by 2030, the company said in the statement.

"REG was a founder of the renewable fuels industry and has been a leading innovator ever since," Mike Wirth, CEO of Chevron, said in the statement.

"Together, we can grow more quickly and efficiently than either could on its own."

Earlier this month marine fuels conglomerate Bunker Holding announced it had entered into a strategic partnership with Renewable Energy Group to develop the use of biofuels in shipping.