PBF Energy Eni Sustainable Mobility enter 50-50 St. Bernard Renewables JV pact

PBF and Eni Sustainable Mobility have entered into definitive agreements to partner in a 50-50 joint venture, or JV, St. Bernard Renewables, which will own the renewable diesel project currently under construction co-located with PBF‘s Chalmette refinery in Louisiana. Upon consummation of the transaction, which is subject to customary closing conditions, including regulatory approvals, Eni will contribute capital totaling $835M, excluding working capital, plus up to an additional $50M that is subject to the achievement of project milestones. PBF will continue to manage project execution and will serve as the operator once construction is complete. This strategic partnership will leverage the experience and expertise of Eni Sustainable Mobility and PBF. Together with Ecofining technology, Eni brings its experience in biorefining that led to the world’s first conversion of a refinery into a biorefinery in Porto Marghera in 2014, and to the second converted biorefinery that has been working in Gela since 2019. The company also provides its worldwide knowledge in supplying sustainable feedstock sourcing for HVO, mainly based on oily waste and residues, and raw materials that do not compete with the food chain, coupled with access to international markets beyond PBF’s footprint in the United States. PBF brings experience in large capital project execution and fuels manufacturing as well as access to the California renewables market through its existing logistics assets. The joint venture reflects both partners’ commitment to deliver more sustainable transportation fuels using low carbon intensity feedstocks.