UPDATE - Chevron wraps up Renewable Energy Group's acquisition

The Geismar biorefinery in Louisiana. Source: Renewable Energy Group Inc

June 14 (Renewables Now) - US energy giant Chevron (NYSE:CVX) said on Monday it has closed the acquisition of domestic biodiesel firm Renewable Energy Group Inc (NASDAQ:REGI), or REG, in a deal valued at about USD 3.15 billion (EUR 3.01bn).

The completion of the takeover follows the clearance granted by the European Commission (EC) last week and the approval by REG's shareholders in May.

The takeover supports Chevron’s goal to raise its renewable fuels production capacity to 100,000 barrels per day by 2030.

The acquired business operates 11 biorefineries in the US and Europe and is currently expanding its Geismar biorefinery in Louisiana to increase its annual production capacity by 250 million gallons to 340 million gallons.

“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,” said Mark Nelson, executive vice president of Downstream & Chemicals for Chevron.

(USD 1 = EUR 0.956)

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