Carnarvon Energy has revealed that 75% of the base feedstock required for the Narrogin Project has now been secured for the targeted 10-year period.
This is for its renewable diesel business, FutureEnergy Australia, a joint venture with Frontier Impact Group, and is the first biorefinery project in the Western Australian wheatbelt.
The firm said its negotiations in respect of the balance of the feedstock are also well advanced.
Substantial progress has been achieved on front-end engineering and design (FEED) by Technip Energies, with final documentation expected this quarter.
FEA continues to receive strong inbound interest for the planned products, namely renewable diesel, biochar and wood vinegar, from the mining, construction, agricultural and power generation sectors.
Further interest has also been generated from a number of international trading houses, highlighting the growing global demand for renewable biofuels like renewable diesel and sustainable aviation fuel.
Carnarvon Managing Director and CEO Adrian Cook said: “Carnarvon plans to deliver sustained long-term shareholder value through building its renewable diesel business. Our first project in Narrogin, with JV partner Frontier Impact Group, is making material progress towards an important financial investment decision, wherein the construction period will follow.
“The attraction of renewable diesel to Carnarvon is the opportunity to continue being a significant, long-term producer of liquid fuels, and in doing so generating value throughout the energy transition.
“By mid-2030 a sizable portion of Carnarvon’s liquids production could potentially be from renewable biofuels, including renewable diesel, SAF and sustainable marine fuel. As we are currently finding, these renewable biofuels are highly sought after globally, with a significant carbon abatement and ESG premium built-in to the sales price. Carnarvon sees an opportunity to build a sustainable business, which drives both long-term shareholder value and exceptional ESG outcomes.”
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