Parkland cancels plans for Canadian renewable diesel project
Parkland Corp., a Canada-based independent supplier and marketer of fuel and petroleum products, on March 2 announced it will not move forward with previously announced plans to develop a renewable diesel project in British Columbia.
The company in May 2022 announced plans to build a stand-alone renewable diesel complex within its Burnaby Refinery, located near Vancouver, British Columbia. The proposed project was expected to have the capacity to produce approximately 6,500 barrels per day (100 MMgy) of renewable diesel.
Parkland announced plans to shelve the renewable diesel project in its fourth quarter earnings release. “After careful consideration, and consistent with Parkland’s commitment to capital discipline, the company will not proceed with its plans to build a stand-alone renewable diesel complex at the Burnaby Refinery at this time,” the company said in a statement. “Several factors have impacted the competitiveness of the renewable diesel complex, including rising project costs, a lack of market certainty around emerging renewable fuels and the U.S. Inflation Reduction Act of 2022, which advantages U.S. producers.”
The company currently co-processes biobased feedstocks at its existing Burnaby Refinery. According to Parkland, that facility co-processed more than 111 million liters (29.32 million gallons) of biobased feedstocks in 2022. Parkland said it will continue to expand co-processing volumes to 5,500 barrels per day.
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