Chevron aims to produce 100,000bl/d of renewable fuels by 2030
Chevron buys US biofuels firm REG for $3.15bn
US oil and gas company says deal will speed progress towards 2030 renewable fuel production target
Chevron has accelerated its push into renewable fuels with a $3.15bn deal to acquire Iowa-based biofuels company Renewable Energy Group (REG). REG operates 11 biorefineries in the US and Europe, supported by an integrated procurement, distribution and logistics network. Chevron says the deal, which is expected to close in the second half of 2022, will accelerate its progress towards its goal of producing 100,000bl/d of renewable fuels by 2030. “REG was a founder of the renewable fuels industry and has been a leading innovator ever since,” says Chevron CEO Mike Wirth. “Together, we can grow more quickly and efficiently than either could on its own.” Chevron paid a premium of around 57pc on a
Also in this section
28 March 2025
The massive expansion of the Northern Lights project in Norway is the clearest sign yet that the European oil and gas companies mean business when it comes to CCS
27 March 2025
Awards celebrate global innovation, leadership and achievement across the energy sector’s people, projects, technologies and companies.
20 March 2025
While advanced economies debate peak fossil fuel demand, billions of people still lack access to reliable and affordable energy, especially in the Global South
14 March 2025
Ignoring questions of sustainability will not make the problems they focus on go away
