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The oil company Phillips 66 issued a press release stating that they plan to rebuild their facility in Rodeo, California, to produce renewable fuels.
The refinery will no longer produce products based on crude oil, instead fuels will be made from used cooking oil, fats, lubricants and soybean oil.
The plant will produce 680 million gallons, which is equivalent to just over 2.5 billion liters, renewable diesel, petrol and jet fuel each year.
Together with production from another plant in the area, the refinery will produce over 800 million gallons, or three billion liters, of renewable fuels each year. That makes the refinery the largest of its kind in the world, says Phillips 66.
Unlike the oil price, which has fallen, the prices of green fuels appear to be stable. This is largely due to Phillips' 66 decision to rebuild the facility.
- With Rodeo Renewed, Phillips 66 is taking a decisive step to meet the demand for renewable fuels and help California meet its carbon dioxide targets. We believe that the world will require a mix of fuels to meet the demand for cheap energy, and the renewable fuels from Rodeo Renewed will be an important part of that mix, says the company's CEO Greg Garland in the press release.
Rodeo Renewed is the name of the new plant where fuel production will begin in 2024. Then the plant will halve its carbon dioxide emissions and reduce sulfur dioxide emissions by 75 percent.