PSX - Phillips 66 commits to convert San Francisco Refinery to renewable fuels plant

Phillips 66 (NYSE:PSX) said Wednesday it made a final investment decision to proceed with the planned conversion of its San Francisco Refinery in Rodeo, California, into one of the world's largest renewable fuels facilities. The project, which recently received approval from Contra Costa County officials, is expected to cost ~$850M and begin commercial operations in Q1 2024. The converted facility will no longer process crude oil and instead use waste oils, fats, greases and vegetable oils to initially produce more than 50K bbl/day of renewable transportation fuels, including renewable diesel, renewable gasoline and sustainable aviation fuel. Phillips 66 (PSX) has consistently created shareholder value and "will be a winner in a new era for oil and gas," Gavin Barwell writes in a bullish analysis published recently on Seeking Alpha.

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Phillips 66 commits to convert San Francisco Refinery to renewable fuels plant