(Corrects typo in headline)
Feb 3 (Reuters) - Following a year of grim losses amid pandemic lockdowns that dented demand for fuel as people stuck close to home, the largest U.S. independent refiners are promoting plans to boost production of renewable fuels.
Renewable fuels represent a silver lining for refiners under threat of being left behind by the shift to electric vehicles and away from fossil fuel processing. As the big refining companies in recent days reported year-end results, executives devoted plenty of time to discussing how they will create fuels that emit fewer emissions that contribute to global warming.
U.S. refiners talk up renewable projects after a year of lousy fuel demand
2/3/2021
Following a year of grim losses amid pandemic lockdowns that dented demand for fuel as people stuck close to home, the largest U.S. independent refiners are promoting plans to boost production of renewable fuels.
Renewable fuels represent a silver lining for refiners under threat of being left behind by the shift to electric vehicles and away from fossil fuel processing. As the big refining companies in recent days reported year-end results, executives devoted plenty of time to discussing how they will create fuels that emit fewer emissions that contribute to global warming.
REFINERY MARGIN TRACKER: Rising RINs costs pump up US refinery margins
US refining margins rose last week as higher RINs prices increased the cost of meeting the Renewable Fuel Standard mandate, with RINs for both ethanol and biodiesel breaching the $1/RIN price, an analysis by S&P Global Platts showed Feb. 1.
For the week ended Jan. 29, the price of an ethanol RIN rose almost 11 cents/RIN from the week earlier to reach $1.01/RIN while biodiesel RINs rose over 9 cents/RIN to $1.15/RIN, according to Platts assessments.
While RINs are a cost, refined products prices are inflated by those RINs. Also, US refiners that generate RINs can benefit from the higher cost.
Diamond Green Diesel to boost renewable diesel capacity to 1.2B gallons/year; $1.45B expansion project
Darling and Valero jointly announced that their 50/50 joint venture, Diamond Green Diesel (DGD), has received approval from both companies’ Boards of Directors to proceed with the construction of the renewable diesel production facility to be located at Valero’s Port Arthur, Texas refinery.
DGD Port Arthur’s capacity is estimated to be 470 million gallons per year of renewable diesel. This new plant is anticipated to commence operations in the second half of 2023. Once operational, and when combined with the increased capacity at the Norco, LA facility (currently 290 million gallons annually with an anticipated increase of 400 million gallons due to be operational later this year), DGD’s total annual production capacity is expected to be approximately 1.2 billion gallons of renewable diesel and 50 million gallons of renewable naphtha.
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