news/HON/2023.02.16/Eni Sustainable and PBF announce partnership in the U.S..txt

(Alliance News) - Eni Spa announced Thursday that Eni Sustainable Mobility and PBF Energy Inc. have signed a partnership agreement for a 50:50 joint venture, St. Bernard Renewables LLC, for the biorefinery -- now under construction -- in the area of PBF's Chalmette refinery in Louisiana in the United States.Upon closing of the deal, which is subject to customary closing conditions, including regulatory approvals, Eni Sustainable Mobility will contribute USD835 million in capital contributions, plus up to an additional USD50 million based on the eventual achievement of project targets, as well as its expertise in biorefining.PBF will bring its strong U.S. industrial expertise, assets, and will continue to direct the implementation of the project and manage the biorefinery once its construction is completed. The St. Bernard Renewables biorefinery is scheduled to start up in the first half of 2023 with a target of about 1.1 million tons/year of feedstock pre-processing capacity. The biorefinery will produce mainly HVO Diesel-hydrotreated vegetable oil, commonly known as 'renewable diesel' in North America-at 306 million gallons per year, and will use Ecofining technology developed by Eni in collaboration with Honeywell UOP.Eni on Thursday trades in the green by 0.2 percent at EUR14.72 per share. By Maurizio Carta, Alliance News reporterComments and questions to [email protected] 2023 Alliance News IS Italian Service Ltd. All rights reserved.