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ExxonMobil to buy 2.5M barrels of renewable diesel per year for 5 years from Global Clean Energy

ExxonMobil has signed an agreement with Global Clean Energy Holdings to purchase 2.5 million barrels of renewable diesel per year for five years from a converted California refinery starting in 2022.

As background, globally, in 2019, ExxonMobil sold some 1.9 million barrels per day of heating oils, kerosene and diesel oils. The US share of that was 449,000 barrels per day.

The renewable diesel will be sourced from a refinery acquired by Global Clean Energy in Bakersfield, California, which is being retooled to produce renewable diesel from Global Clean Energy’s patented varieties of camelina, a fallow land crop that does not displace food crops, and other non-petroleum feedstocks.

Following scheduled production startup in 2022, ExxonMobil plans to distribute the renewable diesel within California and potentially to other domestic and international markets.

In addition to camelina, various non-petroleum feedstocks, including used cooking oil, soybean oil, distillers’ corn oil and other renewable sources will be refined to produce the renewable diesel.

Based on analysis of California Air Resources Board (CARB) data, renewable diesel from various non-petroleum feedstocks can provide life-cycle greenhouse gas emissions reductions of approximately 40% to 80% compared to petroleum-based diesel.

Global Clean Energy Holdings’ wholly owned subsidiary, Sustainable Oils, is the leading developer of camelina, a fast-growing, low input, dryland farmed rotation crop. As it is cultivated exclusively on unirrigated fallow land, camelina does not displace food or create indirect land use change. It also allows farmers to improve total farm economics through better overall asset utilization.

Through a financing partnership with Orion Energy Partners, GCM Grosvenor and Voya Investment Management, Global Clean Energy expanded into downstream production with the acquisition of the Bakersfield facility.

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