Under pressure to invest in renewable energy, Chevron is making one of its biggest investments in renewable fuels: it announced the purchase of Renewable Energy Group (REG) for $3.15 billion. The company produces diesel and other fuels from sources such as corn and cooking oil.
The REG, with 11 refineries fueled primarily by waste products such as tallow and used cooking oil, will help Chevron in its quest to offer a wider range of fuels with a lower carbon footprint than oil and natural gas. According to Chevron CEO Mike Wirth, the plan is to continue making acquisitions in the area and spend money on converting refineries so they can also process low-carbon fuel sources.
In a sign of the importance of the deal, Chevron said REG President and Chief Executive Officer Cynthia J. Warner is expected to join the board and Chevron’s renewable fuels business will move its headquarters to Iowa (USA), where the REG. (SOURCE: DOW JONES NEWSWIRES)
The information is from the newspaper. The State of São Paulo.
The post Chevron buys REG, of biofuels appeared first on ISTOÉ DINHEIRO.
#Chevron #buys #REG #biofuels #ISTOÉ #MONEY