Tidewater: BC renewable diesel project nearly complete
Tidewater Renewables Ltd. released fourth quarter financial results on March 9, reporting that its renewable diesel project collocated with its Prince George refinery in British Columbia is 90 complete and expected to begin commissioning late in the first quarter.
Once fully operational, the renewable diesel biorefinery is expected to have a nameplate capacity of 3,000 barrels per day (45.99 MMgy). The facility also features an integrated renewable hydrogen plant.
According to Tidewater, construction on the renewable diesel project is expected to be complete by mid-April, with commissioning beginning at the end of the first quarter of 2023 and operations currently scheduled to begin during the second quarter of this year.
During a fourth quarter earnings call, Tidewater Interim CEO Robert Colcleugh said the project is facing increasing capital costs due to logistical, labor and inflationary pressures. He confirmed, however, that the facility is 90 percent complete and stressed that project economics continue to look strong.
Ray Kwan, chief financial officer at Tidewater, said the company’s startup plan involves a gradual and measured increase in production, translating to a 75 to 80 percent utilization rate during the second half of this year.
Tidewater is also developing a renewable natural gas (RNG) project in Foothills County, Alberta. According to Tidewater, the company continues to advance the RNG facility’s engineering design and regulatory applications.
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