On June 13 Chevron Corp completed its previously announced acquisition of biofuel producer Renewable Energy Group Inc (REG).
The rebranded business segment, Chevron Renewable Energy Group, will continue to be headquartered in Ames, Iowa.
Chevron said REG’s expertise in feedstocks sourcing and market access were two factors that helped make the acquisition an attractive way to boost Chevron’s renewable fuels business.
Biofuels International spoke to Chevron’s president Kevin Lucke about this latest acquisition.
Why did Chevron decide to acquire Renewable Energy Group?
For more than 140 years, Chevron has developed affordable, reliable energy that is essential to our way of life. We believe that the future of energy is lower carbon, and we are working to grow a lower carbon business. We have established a goal where by 2030, we intend to have the capacity to produce 100,000 barrels/day of renewable fuels.