Vertex Energy Unveils Debut Renewable Diesel Sales
Vertex Energy, a leading specialty refiner and marketer of high-quality refined products, announced that the company has completed its first series of commercial sales transactions of renewable diesel (RD) from its recently completed Renewable Diesel production facility at its refinery located in Mobile, Alabama (the Mobile Refinery).
The initial sales totalled approximately 110,000 barrels of RD to Idemitsu Apollo Renewable Corporation, a wholly-owned California-based subsidiary of Idemitsu Kosan, per the previously disclosed product supply agreement announced in February 2022.
The company also announced that expected increases in RD production volumes remain on schedule as planned at a current rate of approximately 7,700 barrels per day (bpd). The Company maintains plans to continue increasing RD production levels towards its previously stated target of approximately 8,000 bpd by the end of 2Q23.
"We are pleased to report the initial sales of Renewable Diesel out of our Mobile Refinery. Our team has demonstrated dedication and excellence in getting us to this point, and this series of transactions is a testament to their ability to execute end-to-end on putting an entirely new, low-carbon product stream into the market," stated James Rhame, Chief Operations Officer of Vertex, who continued, "Operationally, the renewable diesel plant continues to run well, and our team continues to safely and reliably deliver on incremental production targets as planned. We are proud of our team, and we are honoured to have Idemitsu as an offtake partner in this process as we work together toward a sustainable future."
Source: Business Wire