Eni Sustainable Mobility and PBF Energy announce closing of St. Bernard Biorefinery partnership
In Italy, Eni Sustainable Mobility Spa and PBF Energy Inc. announced the closing of a 50-50 joint venture partnership in St. Bernard Renewables LLC (SBR), an operating biorefinery co-located with PBF’s Chalmette Refinery in Louisiana
PBF’s affiliate contributed the biorefinery and other assets comprising the business to SBR and Eni Sustainable Mobility’s affiliate has committed to make capital reimbursements and contributions totaling $835 million to PBF, of which $431 million was paid at closing, Eni said.
The remainder of the total consideration will be contributed by Eni Sustainable Mobility upon start-up of the pre-treatment unit (PTU). An additional $50 million in contingent consideration will be paid by Eni Sustainable Mobility subject to the achievement of certain project milestones and performance criteria.
“Closing the St. Bernard Renewables biorefinery 50% acquisition and creating a dedicated joint venture together with an important US industrial partner as PBF confirms the relevance of biofuels in Eni Sustainable Mobility, which is already running two biorefineries in Italy, and it is a further step on the path to decarbonize transports, including ‘hard to abate’ sectors such as heavy duty,” said CEO of Eni Sustainable Mobility Stefano Ballista.
The St. Bernard Renewables biorefinery has commenced operations with production of commercial product beginning in June. The PTU is mechanically complete and its start-up is expected in the coming weeks, the firm said. SBR is currently targeted to have processing capacity of about 1.1 million tons/year of raw materials, with full pretreatment capabilities. It will produce mainly HVO Diesel with a production capacity of 306 million gallons per year.
