Diamond Green Diesel, the 50-50 joint venture of Valero Energy ( NYSE: VLO ) and Darling Ingredients ( NYSE: DAR ), said Tuesday it reached a final investment decision to move forward on a $315M sustainable aviation fuel project at its Port Arthur, Texas, plant.
Upon completion of the project expected in 2025, Diamond Green said the Port Arthur plant will have the capability to upgrade roughly half of its current 470M gal/year production capacity to sustainable aviation fuels.
The JV is expected to become one of the world's largest SAF manufacturers with the completion of the Port Arthur project.
"This project is a natural extension of our liquid fuels manufacturing expertise and demonstrates our growth strategy through innovation in renewables," Valero ( VLO ) Chairman and CEO Joe Gorder said.
Valero ( VLO ) has generated tremendous wealth for its shareholders since the bottom of 2020, and a dividend hike is "imminent," Leo Nelissen writes in an analysis newly posted on Seeking Alpha .
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Valero-Darling JV approves $315M Texas sustainable aviation fuel project