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
9 January 2026
A shift in perspective is needed on the carbon challenge, the success of which will determine the speed and extent of emissions cuts and how industries adapt to the new environment
2 January 2026
This year may be a defining one for carbon capture, utilisation and storage in the US, despite the institutional uncertainty
23 December 2025
Legislative reform in Germany sets the stage for commercial carbon capture and transport at a national level, while the UK has already seen financial close on major CCS clusters
15 December 2025
Net zero is not the problem for the UK’s power system. The real issue is with an outdated market design in desperate need of modernisation
