Calumet Specialty Products Partners L.P. released third quarter financial results on Nov. 5, reporting that the company has secured a key permit that is allowing work to begin ahead of schedule on its renewable diesel conversion in Great Falls, Montana.

"Our renewable diesel business in Montana is Calumet's highest strategic priority,” said Steve Mawer, CEO of Calumet. “In the future, separation of this high multiple business is expected to create substantial unit-holder value. Progress has been good on all fronts – commercial, partnering and engineering. In August, we were honored to host the Governor of Montana at a ribbon cutting ceremony to officially launch the project. The key air permit associated with the hydrocracker conversion was approved in October, allowing us to commence construction activities ahead of schedule."

Calumet in February 2021 announced plans to produce renewable diesel at its petroleum refinery in Great Falls. At that time, the company said it planned to reconfigure its oversized hydrocracker to process 10,000 to 12,000 barrels per day of renewable feedstock. 

Conversion of the Great Falls refinery is currently expected to be complete next year, with operations scheduled to begin during the second quarter of 2022.