Chevron Corporation completed its previously announced acquisition of Renewable Energy Group (REG) following approval by REG stockholders. (Earlier post.) The new Chevron segment will be called Chevron Renewable Energy Group.
We have brought together companies with complementary capabilities, assets, and customer relationships to make Chevron one of the leading renewable fuels companies in the United States. Chevron now offers our customers an expanded suite of cost-effective, lower carbon solutions that utilize today’s fleets and infrastructure.—Mark Nelson, executive vice president of Downstream & Chemicals for Chevron
Chevron Renewable Energy Group will help Chevron grow its renewable fuels production capacity to 100,000 barrels per day by 2030.
REG made its first batch of biodiesel in 1996. Since then, the company has become one of the largest biofuels producers by volume in the United States. Chevron Renewable Energy Group will remain in Ames, Iowa, where REG has been headquartered.