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Released February 17, 2023 | SUGAR LAND
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Researched by Industrial Info Resources (Sugar Land, Texas)--PBF Energy Incorporated (NYSE:PBF) (Parsippany, New Jersey) and Eni Sustainable Mobility have agreed to partner in a 50:50 joint venture to own and run a renewable diesel refinery now under construction in Chalmette, Louisiana, the companies said Thursday.
Under the deal, Eni Sustainable Mobility will provide $835 million in capital for the St. Bernard Renewables LLC joint venture. It will contribute an additional $50 million subject to project milestones being reached. Eni Sustainable Mobility is 100% owned by Eni SpA (NYSE:E) (Rome, Italy).
PBF will continue to manage the project and will operate the facility.
Industrial Info is tracking two projects tied to the renewable diesel refinery. Subscribers to Industrial Info's Global Market Intelligence (GMI) Petroleum Refining Project Database can click here for the related project reports.
Located next to PBF's Chalmette Refinery, the St. Bernard Renewables biorefinery is scheduled to start up in the first half of 2023. The facility "is currently targeted to have processing capacity of about 1.1 million tonnes/year of raw materials, with full pretreatment capabilities. It will produce mainly HVO diesel (hydrotreated vegetable oil, commonly known as 'renewable diesel' in North America), with a production capacity of 306 million gallons per year," the companies said in a press release.
Total projected capital costs for the St. Bernard Renewables facility and related project infrastructure are expected to be in the $600 million to $650 million range, PBF Energy said.
Stefano Ballista, chief executive officer of Eni Sustainable Mobility, said: "Joining St. Bernard Renewables biorefinery project enables Eni to enter into U.S. biofuels growing market together with a strong partner such as PBF. This is a further step for Eni Sustainable Mobility to expand its biorefining capacity, that today is over 1 million tonnes/year and it is planned to grow in the upcoming years."
PBF Energy on Thursday reported fourth-quarter 2022 net income of $656.1 million, compared with net income of $189.1 million in fourth-quarter 2021.
In an earnings-related press release, PBF Energy Chief Executive Officer Tom Nimbley said: "2022 was a transformative year for PBF. The resurgence of demand for our products and our reliable operations allowed PBF to end 2022 in the strongest financial position in our 10-year history as a public company."
Excluding capital expenditures related to the St. Bernard Renewables project, PBF Energy said it expects capital expenditures for this year to be in the $700 million to $750 million range.
"Looking ahead, we have a lot of work to complete in 2023," Nimbley said. "We ran our assets hard in response to demand last year. Consequently, we are focused on investing in and maintaining our assets to ensure our operations remain safe, reliable and available to supply the market."
Industrial Info is tracking five refinery turnaround projects from PBF Energy this year, including those at its Toledo Refinery in Ohio, its Martinez Refinery in California, its Delaware City Refinery in Delaware, and two at its Torrance Refinery in California. Subscribers can click here for a list of the project reports.
Subscribers can click here for a list of all project reports referenced in this article and click here for the related plant profiles.
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking more than 200,000 current and future projects worth $17.8 Trillion (USD).
Under the deal, Eni Sustainable Mobility will provide $835 million in capital for the St. Bernard Renewables LLC joint venture. It will contribute an additional $50 million subject to project milestones being reached. Eni Sustainable Mobility is 100% owned by Eni SpA (NYSE:E) (Rome, Italy).
PBF will continue to manage the project and will operate the facility.
Industrial Info is tracking two projects tied to the renewable diesel refinery. Subscribers to Industrial Info's Global Market Intelligence (GMI) Petroleum Refining Project Database can click here for the related project reports.
Located next to PBF's Chalmette Refinery, the St. Bernard Renewables biorefinery is scheduled to start up in the first half of 2023. The facility "is currently targeted to have processing capacity of about 1.1 million tonnes/year of raw materials, with full pretreatment capabilities. It will produce mainly HVO diesel (hydrotreated vegetable oil, commonly known as 'renewable diesel' in North America), with a production capacity of 306 million gallons per year," the companies said in a press release.
Total projected capital costs for the St. Bernard Renewables facility and related project infrastructure are expected to be in the $600 million to $650 million range, PBF Energy said.
Stefano Ballista, chief executive officer of Eni Sustainable Mobility, said: "Joining St. Bernard Renewables biorefinery project enables Eni to enter into U.S. biofuels growing market together with a strong partner such as PBF. This is a further step for Eni Sustainable Mobility to expand its biorefining capacity, that today is over 1 million tonnes/year and it is planned to grow in the upcoming years."
PBF Energy on Thursday reported fourth-quarter 2022 net income of $656.1 million, compared with net income of $189.1 million in fourth-quarter 2021.
In an earnings-related press release, PBF Energy Chief Executive Officer Tom Nimbley said: "2022 was a transformative year for PBF. The resurgence of demand for our products and our reliable operations allowed PBF to end 2022 in the strongest financial position in our 10-year history as a public company."
Excluding capital expenditures related to the St. Bernard Renewables project, PBF Energy said it expects capital expenditures for this year to be in the $700 million to $750 million range.
"Looking ahead, we have a lot of work to complete in 2023," Nimbley said. "We ran our assets hard in response to demand last year. Consequently, we are focused on investing in and maintaining our assets to ensure our operations remain safe, reliable and available to supply the market."
Industrial Info is tracking five refinery turnaround projects from PBF Energy this year, including those at its Toledo Refinery in Ohio, its Martinez Refinery in California, its Delaware City Refinery in Delaware, and two at its Torrance Refinery in California. Subscribers can click here for a list of the project reports.
Subscribers can click here for a list of all project reports referenced in this article and click here for the related plant profiles.
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking more than 200,000 current and future projects worth $17.8 Trillion (USD).
