PSX - Phillips 66 ADM in talks on biofuels joint venture - Reuters

2023-08-08 09:41:35 ET

Phillips 66 ( NYSE: PSX ) and Archer Daniels Midland ( NYSE: ADM ) are discussing a biofuels joint venture with an aim toward producing lower-carbon jet fuel, Reuters reported Tuesday.

The companies are discussing putting ADM's ( ADM ) dry corn mill operations into a venture that would convert grain-based alcohol to jet fuel, according to the report.

ADM ( ADM ) has been selling down its ethanol business in recent years, but its two remaining dry mills in Columbus, Nebraska, and Cedar Rapids, Iowa, are among the largest in hte U.S., with a combined capacity to produce 613M gal/year of ethanol, according to Renewable Fuels Association data.

Meanwhile, Phillips 66 ( PSX ) plans to start making renewable fuels next year at a Rodeo, California, refinery converted from crude oil to processing fats, used cooking oils and soybean oils into 50K bbl/day of renewable diesel, gasoline and jet fuel.

More on Phillips 66:

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• Stock price return: Up 8% YTD, up 31% in the past 12 months

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