Chevron acquires biofuel firm Renewable Energy Group

In 2020, Renewable Energy Group (REG) produced 1.7 million mt of biofuels, the company operates 11 biorefineries spread across US and Europe

The American energy firm, Chevron intends to combine REG’s biofuel production with Chevron’s large manufacturing capacity, distribution, and commercial marketing position.

The acquisition is aimed to accelerate Chevron’s goal to grow renewable fuels production capacity to 100,000 barrels per day by 2030 while bringing additional feedstock supplies and pre-treatment facilities, says Chevron.

The two firms have signed a deal wherein Chevron will buy REG at a value of $3.15 billion.