PARR - Small refiners say they will sue to challenge biofuel blending waiver denials
2023-07-18 10:11:16 ET
A group of U.S. refiners plan to file a lawsuit challenging the Biden administration's rejection of waivers exempting oil refiners from biofuel blending mandates, which has left some on the hook for hundreds of millions of dollars, Par Pacific ( NYSE: PARR ) told Reuters on Monday.
The Environmental Protection Agency on Friday denied exemption requests from 15 small refineries, in a move welcomed by corn farmers and ethanol producers.
Par Pacific ( PARR ) and CVR Energy ( NYSE: CVI ) have some of the largest outstanding obligations, according to the report: Par Pacific's gross RINs and environmental credit obligations totaled $347M at the end of Q1, based on market pricing at the time, and CVR's outstanding liability was $582M at the end of Q1, company filings showed.
The EPA under President Biden has not granted any exemptions to refiners, so the EPA's decision last week was not a surprise, Tudor Pickering Holt analyst Matthew Blair said.
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Small refiners say they will sue to challenge biofuel blending waiver denials