Bunge and Chevron have made a final investment decision for their joint venture Bunge Chevron Ag Renewables LLC on March 4.
The venture aims to build a new oilseed processing plant adjacent to its existing processing facility located on the Gulf Coast in Destrehan, Louisiana.
Bunge Chevron Ag Renewables will leverage Bunge’s expertise in oilseed processing and Chevron’s renewable fuel expertise to develop renewable fuel feedstock. Under the joint venture agreement, Bunge will operate the processing plants in Destrehan and Cairo, Illinois. Chevron will have purchase rights for the oil to use as feedstock to manufacture low-carbon intensity transportation fuels with lower lifecycle carbon intensity.
The plant, which will be operational in 2026, features a flexible design in order to allow processing of soybeans, softseeds and winter oilseed crops, among others. The processing facility aims to not only meet the increased market demand for renewable fuel feedstock, but also support feed and protein markets through the production of meal products.
Recommended Reading
TotalEnergies Eyes Suriname FID by Year-end 2024
2024-04-29 - France’s TotalEnergies and U.S. partner APA Corp. look to place their long lead orders ahead of a final investment decision related to their joint development offshore Suriname in Block 58.
Diamondback Stockholders All in for $26B Endeavor Deal
2024-04-29 - Diamondback Energy shareholders have approved the $26 billion merger with Endeavor Energy Resources.
ProPetro to Provide eFrac Services to Exxon’s Permian Operations
2024-04-29 - ProPetro has entered a three-year agreement to provide electric hydraulic fracturing services for Exxon Mobil’s operations in the Permian Basin.
Keeping it Simple: Antero Stays on Profitable Course in 1Q
2024-04-28 - Bucking trend, Antero Resources posted a slight increase in natural gas production as other companies curtailed production.
Oil and Gas Chain Reaction: E&P M&A Begets OFS Consolidation
2024-04-26 - Record-breaking E&P consolidation is rippling into oilfield services, with much more M&A on the way.