SOURCE: Google Maps
June 1, 2023
BY Erin Voegele
The Canadian government on May 31 announced plans to invest $86 million into a project that is converting an oil refinery located in Come By Chance, Newfoundland and Labrador, into a biorefinery that will produce renewable diesel and sustainable aviation fuel (SAF).
The $86 million in federal funding, which is subject to final negotiations, was made possible through Natural Resources Canada’s Clean Fuels Fund and Innovation, Science and Economic Development’s Strategic Innovation Fund.
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When completed later this year, the Braya Renewable Fuels facility is expected to sustain 200 full-time jobs while creating 800 local jobs during its construction.
Dallas, Texas-based private equity fund Cresta Fund Management acquired a controlling interest in the oil refinery in late 2021. Braya in April 2023 announced a $300 million preferred equity investment by Energy Capital Partners. The company said the investment from ECP completed the financing for the conversion project. North Atlantic Refining Corp., which is managed by Silverpeak also owns a minority stake in Braya.
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Once operational, the facility is expected to initially produce 18,000 barrels per day of low carbon renewable fuel. The company later plans to expand capacity and enhance production of SAF.
BWC Terminals on April 22 celebrated the official completion of its expanded renewable fuels terminal at the Port of Stockton. The facility is designed to safely and efficiently transfer renewable diesel and biodiesel from marine vessels.
Repsol and Bunge on April 25 announced plans to incorporate the use of camelina and safflower feedstocks in the production of renewable fuels, including renewable diesel and sustainable aviation fuel (SAF).
Renewable Fuels Month highlights the importance of renewable biofuels, such as ethanol and biodiesel. The month of May marks the beginning of the summer driving season, making it an ideal time to fuel up on clean and cost-saving biofuels.
PBF Energy on May 1 announced that its St. Bernard Renewables facility produced approximately 10,000 barrels per day of renewable diesel during Q1, down from 17,000 barrels per day during the Q4 2024.
Germany-based Mabanaft on April 17 announced it started to supply SAF to airlines at Frankfurt Airport in January. The company said it will deliver more than 1,000 metric tons of SAF to the airport this year under the European SAF mandate.