SOURCE: Business Wire
July 26, 2023
BY Erin Krueger
Vertex Energy Inc. on July 25 announced the renewable diesel unit at its refinery in Mobile, Alabama, achieved the company’s phase 1 installed capacity target of 8,000 barrels per day during the second quarter.
“We are pleased to report yet another milestone for our RD project: the validation of targeted throughput capacity for the renewable diesel plant at 8,000 barrels per day,” said Benjamin Cowart, president and CEO of Vertex. “We believe this is significant to our growth potential as it further demonstrates our team's ability to execute end-to-end project deliverables safely and reliably.
Vertex in mid-2021 announced an agreement to acquire the Mobile refinery and convert a portion of it to renewable diesel production. The newly completed renewable diesel unit began operations this spring. In late June, Vertex announced it had completed the first series of commercial sales transactions of renewable diesel.
With the Q2 update released on July 25, Vertex confirmed that the renewable diesel unit achieved its installed capacity target during the three-month period. According to the company, the validation of maximum throughput capacity provides important data released to its strategic approach for long-term optimization of the project. Vertex said it is continuing to optimize renewable diesel production levels based on factors such as commercial obligations and prevailing economic conditions and does not anticipate providing near-term throughput targets at this time.
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Phillips 66 on July 25 released Q2 financial results, reporting the company’s Rodeo Renewable Energy Complex in California continues to run at reduced rates due to market conditions. Pre-tax income for the renewables segment was up when compared to Q1.
The EIB and Eni on July 24 signed a €500 million 15-year finance contract to support the conversion of Eni’s Livorno refinery in Tuscany, Italy, into a biorefinery that can produce renewable diesel, renewable naphtha and bio-LPG.
Iowa Secretary of Agriculture Mike Naig announced that the Iowa Renewable Fuels Infrastructure Program Board recently approved an additional 24 applications from Iowa fuel retailers to support new and expanded biofuel infrastructure projects.
CountryMark on July 22 celebrated the completion of more than $100 million in upgrades at its refinery in Indiana, including those related to soybean oil storage. The facility produces renewable diesel via coprocessing technology.
ATOBA Energy and Air Moana are partnering to implement scalable solutions for the supply of SAF. The collaboration aims to ensure long-term SAF availability while supporting local initiatives to develop sustainable fuel production in Tahiti.