Commercial, Finance, Sourcing Renewables - February 14, 2024
Chevron Receives Bond Approval to Expand Renewable Diesel Plant
Chevron, an energy company, received a $100 million bond allocation to expand its renewable diesel plant.
The bond allocation was announced by Louisiana Governor Jeff Landry for the expansion project at Chevron’s Geismar Renewable Diesel Plant.
“Chevron is very grateful to Governor Landry for his support of our improvement and expansion project at our renewable diesel production facility in Geismar,” said Daniel Dascher, Geismar Plant Manager, in a statement. “This project helps us to advance our goal of providing affordable, reliable, ever-cleaner energy through the production of lower carbon intensity fuel.”
The improvement and expansion project was first announced with Governor John Bel in 2020. Chevron received approval for the bond issuance from the State Bond Commission in 2023, but the former Governor never provided the company bond allocation. Under Governor Jeff Landry, Chevron will now receive the $100 million bond allocation, mostly made up of carryover bonds.
The Geismar Facility was constructed in 2010 and was the first standalone renewable diesel production facility in the U.S.
When the improvement and expansion project is completed, it will increase site capacity by 250 million gallons from 90 million gallons to 340 million gallons annually.
Renewable diesel is sourced from multiple renewable feedstocks—including soybean oil, canola oil, used cooking oils, and animal fats. Since it operates just like petroleum diesel, it serves as a drop-in fuel compatible with current vehicles.
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