03/04/2024

As Profits Decline, Chevron Idles Two U.S. Midwest Biodiesel Plants

The plants are located in Ralston, Iowa, and Madison, Wisconsin

Chevron has indefinitely idled two biodiesel production facilities in the Midwest, the company confirmed on Friday, citing poor market conditions.

The second-largest U.S. oil producer bought biodiesel maker Renewable Energy Group for $3.15 billion in 2022 to expand its renewable fuels production to 100,000 barrels per day by 2030. The deal brought it 10 biodiesel plants and one renewable diesel facility.

Chevron idled plants in Ralston, Iowa, and Madison, Wisconsin, that combined can process 50 million gallon per year of biodiesel. Biodiesel production capacity was 2.07 billion gallons in December, according to U.S. government estimates.

Please select this link to read the complete article from Reuters.