Bunge, Chevron Announce Renewable Fuel Joint Venture
Bunge North America and Chevron have announced a definitive agreement to create a joint venture to create renewable feedstocks leveraging Bunge’s expertise in oilseed processing and farmer relationship networks with Chevron’s expertise in the manufacturing and marketing of fuels.
Bunge will be contributing its soybean processing plants located in Destrehan, Louisiana, and Cairo, Illinois, to the ventures, and Chevron will contribute $600 million in cash.
Plans for the partnership include doubling the combined capacity of the facilities from 7,000 tons per day to 14,000 by the end of 2024, while also exploring other renewable feedstocks as well as pretreatment.
Bunge will operate the facilities, and Chevron will have purchase rights for the oil to be used as a renewable feedstock for the manufacturing of low-carbon transportation fuels. Chevron expects to be able to create the capacity to produce 100,000 barrels per day of renewable diesel and sustainable aviation fuel by 2030.