Appeals Court Strikes Down EPA’s Denial of SREs
*Please Note – Bob Lane was out of the office today and will return on Tuesday, November 28, 2023.
On November 22, a U.S. appeals court struck down a decision...
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…