Chevron now in biofuel sector
A major oil and gas player is expanding its business into biofuel production.
Chevron has completed its acquisition of Iowa based biofuel producer Renewable Energy Group. Clean Fuels Alliance America is applauding the acquisition of its member refineries.
Alliance CEO Donnell Rehagen tells Brownfield the move is a signifier of a fast growing market.
“As we start to see investments coming from traditional oil and gas refiners, I think for us, it really solidifies our position that the future of renewable energy is one of growth,” he said.
Rehagen said he expects the biofuel sector to more than double with an emphasis on biodiesel, renewable diesel and sustainable aviation fuel…
“So, [it’ll] go from three billion gallons domestically to about six billion gallons,” he said. “That’s probably going to happen in the next three to four years.”
Rehagen said the industry will heavily rely on agriculture, especially soybean production, to meet that demand.
Chevron announced its purchase of REG in late February before fully acquiring the group in mid-June.