In the United States (US), Vertex Energy, Inc., a leading specialty refiner and marketer of high-quality refined products, has announced the successful completion of the startup procedures for its renewable diesel conversion project at its Mobile, Alabama (AL), refining facility.
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Furthermore, Vertex Energy also announced that it has entered into a new working capital facility with its existing liquidity provider, Macquarie Group’s Commodities and Global Markets business (Macquarie), to supply the necessary liquidity for securing feedstock for renewable diesel production.
After a two-week period of downtime related to repairs on the feedstock pumping system, repair, and reinstallation operations have been successfully completed.
Startup procedures have been completed and Vertex Energy reports that the renewable diesel facility has achieved initial production as of May 27, 2023.
We are grateful for the dedication and hard work put in by our team and contractors to successfully execute this conversion project in a safe and timely manner. It is a great achievement to see our project transition from concept to production, and we couldn’t have done it without the focus and coordination of everyone involved, said James Rhame, Chief Operating Officer at Vertex.
Supply and offtake agreement with Macquarie
Vertex also announced the entry into a Renewable Supply and Offtake Agreement (RSOA) with existing liquidity provider, Macquarie for the liquidity needs required to acquire feedstock inventory and monetize renewable diesel and regulatory credits for its renewable diesel facility.
The new working capital facility is similar in nature to the existing Supply and Offtake Agreement in place with Macquarie used to monetize Vertex’s crude oil feedstock and product needs on the conventional side of the business.
Today, we mark a significant development milestone in our pursuit of excellence and innovation. Our team’s exceptional achievements have propelled us forward, and we are proud to share this momentous occasion with our stakeholders who have stayed committed to the journey alongside us. This not only marks a historic accomplishment for this site and for Vertex but for the great State of Alabama, said Benjamin P. Cowart, CEO at Vertex.
Stroock & Stroock & Lavan LLP acted as legal advisor to Vertex with respect to the transaction. The Company plans to commence the commercial sale of renewable diesel in June 2023, after receiving the required US Environmental Protection Agency (EPA) certifications for Renewable Identification Numbers (RINs).
