In Texas, Andeavor announced a project to convert the Dickinson Refinery to process 12,000 barrels per day of renewable feedstocks, including soybean oil and distillers corn oil, into renewable diesel fuel. The project is expected to be completed in late 2020 and is subject to permitting and regulatory approval. Andeavor continues to execute its strategy of reducing regulatory compliance costs through the implementation of renewable fuels technologies that are compatible with existing vehicles and infrastructure, according to their press release.
This news comes on the heels of their merger agreement with Marathon Petroleum Corp. where MPC will acquire all Andeavor outstanding shares. According to their press release, “this transaction is expected to create a premier U.S. refining, marketing and midstream company, building a platform that is well-positioned for long-term growth and shareholder value creation. The transaction is expected to generate in excess of $1 billion of annual synergies within the first three years.”
The merger is expected to close on October 1, 2018, pending approval from both Andeavor and MPC shareholders. Andeavor has scheduled a meeting of its shareholders for September 24, 2018 to approve the transaction.
Category: Producer News