CVI - CVR Energy to move ahead with Wynnewood renewable diesel project

CVR Energy (CVI) says its board approved its plan to spend $110M on a renewable diesel project at its Wynnewood, Okla., refinery, which will convert the refinery's hydrocracker unit for renewable diesel service.Upon completion, expected in mid-2021, the Wynnewood refinery should have the capability to produce nearly 100M gal/year of renewable diesel and more than 6M gal/year of renewable naphtha, which the company says will significantly reduce its annual Renewable Identification Number exposure under the Clean Air Act's Renewable Fuel Standard.CVI says most of the project's capital costs should be recouped by the end of 2022 through the generation of RINs as well as Blender’s Tax and Low Carbon Fuel Standard credits."Once completed, this project should further enhance our stated goal of reducing our reliance on RIN purchases to comply with the flawed RFS program," CVI CEO Dave Lamp says.

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CVR Energy to move ahead with Wynnewood renewable diesel project