Chevron buys Iowa biodiesel manufacturer
Oil giant Chevron last week announced plans to acquire Renewable Energy Group (REG), Iowa’s second-largest biodiesel manufacturer, for $3.15 billion.
The acquisition combines REG’s growing renewable fuels production and feedstock capabilities with Chevron’s sizable manufacturing, distribution and commercial marketing channels as the oil company moves toward lower carbon energy production, said Chevron Chairman and CEO Mike Wirth. Chevron is aiming to grow its renewable fuels production capacity to 100,000 barrels per day by 2030.
“REG was a founder of the...
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