Par Pacific Secures Joint Venture for Renewable Fuels Project
Par Pacific's Joint Venture for Renewable Fuels
Par Pacific Holdings, Inc. (NYSE: PARR) has recently completed the establishment of Hawaii Renewables, LLC, a collaborative effort to build a state-of-the-art renewable fuels facility. This exciting venture involves partners Mitsubishi Corporation and ENEOS Corporation, who have collectively acquired a 36.5% equity stake in Hawaii Renewables with an investment of $100 million. The remaining interest is held by Par Pacific, which plans to manage and operate this facility through its affiliate, Par Hawaii Refining, LLC.
Overview of the Renewable Fuels Facility
This new Renewable Fuels Facility is poised to become the largest of its kind in Hawaii, expected to produce around 61 million gallons per year. The envisioned products from this facility include renewable diesel, sustainable aviation fuel, renewable naphtha, and low carbon liquefied petroleum gases. As a crucial step towards sustainable energy solutions, this undertaking highlights Par Pacific's commitment to innovative energy production.
Significance of the Collaboration
The collaboration with Mitsubishi Corporation and ENEOS Corporation signifies a vital step for Par Pacific. This partnership not only empowers Par Pacific's refining capabilities but also positions the company as a leader in the industry. The joint venture reflects a strong commitment to advancing renewable energy practices and contributing positively to environmental sustainability.
About Par Pacific Holdings, Inc.
Headquartered in Houston, Texas, Par Pacific Holdings, Inc. (NYSE: PARR) is a dynamic energy company engaged in the refining and provision of both renewable and conventional fuels across the western United States. With a notable refining capacity of 219,000 barrels per day, Par Pacific operates at four strategic locations, predominantly in Hawaii and the Pacific Northwest. The company's extensive energy infrastructure includes 13 million barrels of storage and various transportation assets, including marine and rail facilities.
Retail Operations
In addition to its refining operations, Par Pacific also governs the Hele retail brand in Hawaii and runs the popular “nomnom” convenience store chain situated in the Pacific Northwest. This diversified portfolio underscores Par Pacific's broad engagement in the energy sector and its adaptability to market demands.
Natural Gas Production Ventures
Another critical aspect of Par Pacific's operations is its ownership stake in Laramie Energy, LLC, a company specializing in natural gas production with concentrated operations in Western Colorado. This investment indicates Par Pacific's ongoing strategy to diversify its energy assets and enhance its competitive edge in the market.
Frequently Asked Questions
What is the objective of Hawaii Renewables, LLC?
Hawaii Renewables, LLC aims to construct a renewable fuels facility to produce sustainable fuels including renewable diesel and aviation fuel.
What companies are involved in the joint venture?
The joint venture includes Par Pacific, Mitsubishi Corporation, and ENEOS Corporation, marking a significant collaborative effort in renewable energy.
How much annual production is expected from the facility?
The facility is expected to produce approximately 61 million gallons per year of renewable fuels.
Where is Par Pacific headquartered?
Par Pacific Holdings, Inc. is headquartered in Houston, Texas, and operates several locations across the western United States.
What other businesses does Par Pacific engage in?
Alongside refining, Par Pacific operates the Hele retail brand and the “nomnom” convenience store chain, emphasizing its diverse energy portfolio.
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