ExxonMobil and Global Clean Energy Holdings (GCEH) entered into a product off-take agreement (POA) in April of 2019 where Exxon committed to purchasing 85 million gallons of renewable diesel from GCEH with an option to increase the POA volume. The agreement was conditioned upon GCEH acquiring a refinery capable of producing the volume and quality of renewable diesel necessary, as well as having the refinery operational by August 31, 2021.
The partnership, beneficial to both, was expanded in early 2021. Exxon and GCEH agreed to a five-year renewable diesel purchase agreement for up to five million barrels per year. Exxon would be the exclusive buyer of GCEH renewable diesel.
The New agreement did not specifically include sustainable aviation fuel (SAF), but the parties did concur that if GCEH decided to include SAF optionality, Exxon would…
09.06.2024
Signs of US economic downturn send ULSD prices to 3-year low
Shifting economic conditions are raising the possibility of a US recession. The US Bureau of Labor Statistics (BLS) released the jobs report on Friday September 6, which showed that...
09.06.2024
US fat market slides on pressure from soybean oil, energy complex
Used cooking oil (UCO), distillers’ corn oil (DCO) and yellow grease all traded lower on Friday September 6 due to pressure from the sinking heating oil and soybean oil...
09.06.2024
Sluggish trade volume keeps weekly animal protein prices flat
US animal protein prices were steady on Friday September 6, with market participants indicating light traded volumes for products.
Weekly wrap-up
Prices for US animal proteins were little...