CVR Energy said it will focus on renewable fuels and is no longer interested in acquiring crude oil refineries.
The company said it will set aside $10 million (€8.2 million) to progress its renewable diesel initiatives including the completion of process design to convert an existing hydrotreater at the Coffeyville refinery to renewable diesel service.
The company is also about to complete the process design and the ordering of long-lead equipment for a feed pretreater for the Wynnewood refinery to lower carbon intensity and feed cost.
The pretreater design can be expandable to also process feed for the potential Coffeyville refinery renewable diesel conversion.
“For the past few years, we have explored a number of refining acquisitions. However, given our unwillingness to overpay for assets and our belief that the industry is pivoting towards renewable fuels, we are electing to focus our capital on sustainable initiatives,” said Dave Lamp, CVR Energy’s CEO.
CVR Energy is also reported to be exploring whether it can produce sustainable aviation fuel at its refineries.
The firm has already announced plans to produce renewable fuels at its Wynnewood, Oklahoma, refinery in the third quarter of this year.
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