Red-hot renewable diesel encouraging producers to buy into upstream supply chains
‘Reverse integration’ could be the name of the game, following significant move in soybeans by Phillips 66
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tankage at the San Francisco Refinery’s Rodeo plant, with the refinery and future site of Rodeo Renewed in the background, along with San Pablo Bay. Photo: Phillips 66
(Editor’s note: Further information on the long-range plans at Rodeo Renewed has been added from initial publication.)
It was the sort of deal that is a shocker because it goes completely against the trend in the oil business.
The transaction in question was the recent announcement by Phillips 66 (NYSE: PSX) that it was going to “reverse integrate” its renewable diesel operations. In doing so, the company sent two messages.