Exclusive: Phillips 66, ADM in talks on biofuels joint venture – sources
Exclusive: Phillips 66, ADM in talks on biofuels joint venture - sources Reuters
sdgtalks
0
61
U.S. Oil Refiner Phillips 66 and Grain Trader Archer-Daniels-Midland Discuss Biofuels Joint Venture
U.S. oil refiner Phillips 66 (PSX.N) and grain trader Archer-Daniels-Midland (ADM.N) are discussing a biofuels joint venture with an aim toward producing lower-carbon jet fuel, three people familiar with the matter said.
Background
- The oil and corn-based ethanol industries, which were at odds for years over blending mandates, have increasingly become allies amid a series of partnerships aimed at securing crop feedstocks to produce lower-carbon biofuels without costly refinery upgrades.
Joint Venture Details
- Phillips 66 and Archer-Daniels-Midland are discussing putting ADM’s dry corn mill operations into a venture that would convert grain-based alcohol to jet fuel.
Other Similar Ventures
- ADM already formed a joint venture in 2021 with Marathon Petroleum Corp to produce renewable diesel from soybeans.
- Bunge and Chevron also formed a joint venture to make renewable fuels from soybeans and canola.
Technology Partnership
reuters.com
Join us, as fellow seekers of change, on a transformative journey at https://sdgtalks.ai/welcome, where you can become a member and actively contribute to shaping a brighter future.
