Last week we announced that Chevron Corporation has completed the acquisition of Renewable Energy Group, Inc. (REG). As part of the acquisition, Chevron Renewable Energy Group will be headquartered in Ames, Iowa.
Chevron Renewable Energy Group will harness our complementary cultures and strong strategic alignment to supply our retailers, marketers and other customers with lower life cycle carbon intensity fuels by growing our renewable fuels production capacity to 100,000 barrels per day by 2030.
We will participate across the full renewable fuels value chain by leveraging our combined capabilities, assets, and customer relationships. REG brings world class feedstock aggregation capabilities, while Chevron has a leading position in marketing and distribution. Collectively we will help provide lower carbon solutions for the transportation sector by focusing on growing Chevron’s portfolio of lower carbon fuels and feedstocks.
This exciting investment for Chevron demonstrates our continued commitment to deliver lower carbon intensity fuels to our customers and further demonstrates that we are the supplier of choice for the long term.
