E - PBF Energy Eni to develop Louisiana biorefinery; Eni to invest up to $885M

PBF Energy ( NYSE: PBF ) and Eni ( NYSE: E ) said Thursday they will form a 50-50 joint venture for a biorefinery currently under construction in Louisiana, in which the Italian company will invest $835M plus an additional amount of up to $50M, subject to project milestones.

The St. Bernard Renewables biorefinery, which will be located next to PBF's ( PBF ) Chalmette refinery in Louisiana, is scheduled to start in this year's H1.

The JV is scheduled to start in the first half of 2023, with processing capacity at the facility expected to be 1.1 million tons a year of raw materials, Eni said. The site will mainly produce hydrotreated vegetable oil, with production capacity of 306 million gallons a year, Eni said.

The facility is expected to have processing capacity of ~1.1M metric tons/year of raw materials, and will produce mainly hydrotreated vegetable oil - known as "renewable diesel" in North America - with a production capacity of 306M gal/year.

The biorefinery will use the Ecofining process developed by Eni in cooperation with Honeywell UOP.

PBF Energy ( PBF ) also reported Q4 adjusted earnings that missed analyst expectations .

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