Diamond Green Diesel (DGD) Approves a Sustainable Aviation Fuel Project at Port Arthur, Texas
31 Janeiro 2023 - 6:15PM
Business Wire
Valero Energy Corporation (NYSE: VLO, “Valero”) and Darling
Ingredients Inc. (NYSE: DAR, “Darling”) announced today that the
companies have made the final investment decision on a Sustainable
Aviation Fuel (SAF) project at the DGD Port Arthur plant, which is
owned and operated by Diamond Green Diesel Holdings LLC, a 50/50
joint venture between Valero and Darling. Upon completion of the
project, which is expected in 2025, the DGD Port Arthur plant will
have the capability to upgrade approximately 50 percent of its
current 470 million gallon annual production capacity to SAF. The
project’s estimated cost is $315 million, with half of that
attributable to Valero. With the completion of this project, DGD is
expected to be one of the largest SAF manufacturers in the
world.
“This project is a natural extension of our liquid fuels
manufacturing expertise and demonstrates our growth strategy
through innovation in renewables,” said Joe Gorder, Valero’s
Chairman and Chief Executive Officer. “Underpinned by strong
interest from customers, sustainable aviation fuel provides an
economic path to further reduce the carbon intensity of our
products while expanding our long-term competitive advantage.”
About Valero
Valero Energy Corporation, through its subsidiaries
(collectively, “Valero”), is a multinational manufacturer and
marketer of petroleum-based and low-carbon liquid transportation
fuels and petrochemical products, and sells its products primarily
in the United States (“U.S.”), Canada, the United Kingdom (“U.K.”),
Ireland and Latin America. Valero owns 15 petroleum refineries
located in the U.S., Canada and the U.K. with a combined throughput
capacity of approximately 3.2 million barrels per day. Valero is a
joint venture member in Diamond Green Diesel Holdings LLC, which
owns two renewable diesel plants located in the U.S. Gulf Coast
region with a production capacity of approximately 1.2 billion
gallons per year, and Valero owns 12 ethanol plants located in the
U.S. Mid-Continent region with a combined production capacity of
approximately 1.6 billion gallons per year. Valero manages its
operations through its Refining, Renewable Diesel, and Ethanol
segments. Please visit investorvalero.com for more information.
Safe-Harbor Statement
Statements contained in this release that state Valero’s or
management’s expectations or predictions of the future are
forward-looking statements intended to be covered by the safe
harbor provisions of the Securities Act of 1933 and the Securities
Exchange Act of 1934. The words “believe,” “expect,” “should,”
“estimates,” “intend,” “target,” “will,” “plans,” “forecast,” and
other similar expressions identify forward-looking statements.
Forward-looking statements in this release include those relating
to expected timing of completion, cost and performance of projects,
future market and industry conditions, future operating and
financial performance, and management of future risks. It is
important to note that actual results could differ materially from
those projected in such forward-looking statements based on
numerous factors, including those outside of Valero’s control, such
as legislative or political changes or developments, market
dynamics, cyberattacks, weather events, and other matters affecting
Valero’s operations or the demand for Valero’s products. These
factors also include, but are not limited to, the uncertainties
that remain with respect to the Russia-Ukraine conflict, the impact
of inflation on margins and costs, economic activity levels, the
COVID-19 pandemic, variants of the COVID-19 virus, governmental and
societal responses thereto, and the adverse effects the foregoing
may have on Valero’s business or economic conditions generally. For
more information concerning these and other factors that could
cause actual results to differ from those expressed or forecasted,
see Valero’s annual report on Form 10-K, quarterly reports on Form
10‑Q, and other reports filed with the Securities and Exchange
Commission and available on Valero’s website at valero.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20230131006008/en/
Investors: Homer Bhullar, Vice
President – Investor Relations and Finance, 210-345-1982 Eric
Herbort, Director – Investor Relations, 210-345-3331 Gautam
Srivastava, Senior Manager – Investor Relations, 210-345-3992
Media: Lillian Riojas, Executive
Director – Media Relations and Communications, 210-345-5002
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