Chevron U.S.A. Inc., a subsidiary of Chevron Corporation (Chevron), and Bunge North America, Inc., a subsidiary of Bunge Ltd, have announced the creation of Bunge Chevron Ag Renewables LLC signaling the close of their previously announced transaction.
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First announced in September 2021, Bunge Chevron Ag Renewables will develop renewable fuel feedstocks leveraging Bunge’s expertise in oilseed processing and farmer relationships and Chevron’s expertise in fuel manufacturing and marketing.
Bunge’s soybean processing plants in Destrehan, Louisiana (LA), and Cairo, Illinois (IL), are now part of the new joint venture.
Bunge will continue to operate the facilities while Chevron has the purchase rights for the oil to use as a renewable feedstock to manufacture transportation fuels with lower lifecycle carbon intensity.
Plans include approximately doubling the combined capacity of these facilities from 7 000 tonnes per day by the end of 2024.
Bunge Chevron Ag Renewables will also pursue new growth opportunities in lower carbon intensity feedstocks, as well as consider feedstock pretreatment investments.
