World Energy invests $350M to expand Paramount biofuel production

World Energy, a global leader in low-carbon transportation fuels production, announced Oct. 24 a $350 million investment over the next two years to complete the conversion of its Paramount, California, facility into one of the cleanest fuel refineries in the world. The project will enable World Energy Paramount to process 306 MMgy.* The conversion to renewable jet, diesel, gasoline and propane will reduce both refinery and fuel emissions while supporting more than 100 advanced, green economy jobs.

Gene Gebolys, CEO of Boston-based World Energy Paramount, said, “Today, we are making significant investments in California that will allow us to create more local construction and fulltime jobs. This facility is a direct and tangible result of environmental policies passed by the California State Legislature.”

Congresswoman Lucille Roybal-Allard, State Sen. Henry Stern, California Air Resources Board Chairwoman Mary Nichols, former State Sen. Fran Pavley, the South Coast Air Quality Management District, Paramount’s mayor, city council members, and the Paramount Chamber of Commerce were among the elected officials, policymakers, climate and community leaders in attendance.

“The environmental state policies we have written are working and have paved the way for these significant investments in our communities,” said Assembly Speaker Anthony Rendon. “World Energy is demonstrating the economic potential of renewable fuels for California.”

“This project will transform the Paramount facility into California’s most important hub for the production and blending of advanced renewable fuels,” said Bryan Sherbacow, chief commercial officer of World Energy. “This investment will better enable us to deliver much needed low-carbon solutions to our customers. Importantly, with 150 million gallons of annual renewable jet production capacity, World Energy will be able to help the commercial aviation industry combat its greenhouse gas emissions.”

World Energy is one of the largest and longest serving advanced biofuel suppliers in North America. Founded in 1998, the company operates biodiesel manufacturing plants in Houston, Texas; Natchez, Mississippi; Rome, Georgia; Harrisburg, Pennsylvania; Hamilton, Ontario; a renewable diesel refinery in Paramount, California; and distribution hubs throughout the U.S. and Canada.

*Editor’s Note: The Paramount facility, a partially converted oil refinery acquired by World Energy from Delek US Holdings Inc. in March 2018, can currently produce 40 MMgy of biojet fuel and renewable diesel.