IMO - Imperial Oil OKs C$720M for Canadian renewable diesel plant

Imperial Oil ( NYSE: IMO ) said Thursday it plans to spend ~C$720M to move forward with construction of the largest renewable diesel facility in Canada .

Imperial ( IMO ) expects the project at its Strathcona refinery near Edmonton to produce more than 1B liters/year of renewable diesel, primarily from locally sourced feedstocks, and could help reduce greenhouse gas emissions in the Canadian transportation sector by 3M metric tons/year.

The company said site preparation and initial construction are underway, with renewable diesel production expected to start in 2025.

Imperial Oil ( IMO ) features an attractive forward earnings multiple, strong free cash flow, and recently announced a large share repurchase program, Mike Zaccardi writes in an analysis published on Seeking Alpha .

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