Upon completion, the two plants will produce 11,000 barrels per day
(BPD) of renewable diesel fuel
(LAS VEGAS, Nev., Aug. 27, 2018) - Ryze Renewables announced today that
construction is underway for two renewable diesel production facilities in
Nevada.
Once operational, these plants will manufacture high-cetane renewable
diesel fuel from agricultural oils and animal fats, using a patented
hydrogenation technology that is more efficient than current conversion
processes.
When completed, the two Ryze Renewables facilities are expected to produce
a combined 11,000 barrels per day (BPD) of renewable diesel fuel for
Western U.S. and Canadian markets.
“We are excited to be building the next generation of renewable fuel
plants,” said Matt Pearson, Ryze Renewables managing director. “The output
of these facilities will help businesses and motorists achieve the
ever-increasing demand for renewable fuels on the West Coast.”
For this project, Ryze Renewables has partnered with Phillips 66 (NYSE:
PSX), an energy manufacturing and logistics company. Through a long-term
supply and offtake agreement, Phillips 66 will supply both plants with
feedstock and move 100 percent of the renewable product from the plants to
customers in West Coast markets.
“These innovative Nevada plants are strategically located to provide our
western customers with an efficient, reliable source of renewable diesel
fuels,” said Brian Mandell, senior vice president, Marketing and
Commercial, Phillips 66.
Renewable diesel fuel is a “drop-in” fuel that does not need to be blended
with traditional diesel like current biodiesels. Additionally, producing
renewable diesel has lower overall emissions than other biofuels, which
translates to a low carbon intensity (CI) score and maximizes the
low-carbon fuel standard (LCFS) credit from the California Air Resources
Board.
The first plant in Reno is expected to come online in mid-2019, while
the second facility in Las Vegas will become operational starting in
early 2020.
Construction of the two plants is expected to create more than 750
construction jobs, and once completed, will add more than 140 permanent
full-time positions in the Reno and Las Vegas areas.
About Ryze Renewables
Ryze Renewables is a producer of renewable fuels from non-edible renewable
and waste feedstocks. Its products allow customers to lower their carbon
footprint using high-quality fuels that are 100% American made. For more
information, visit www.ryzerenewables.com.
About Phillips 66
Phillips 66 is a diversified energy manufacturing and logistics company.
With a portfolio of Midstream, Chemicals, Refining, and Marketing and
Specialties businesses, the company processes, transports, stores and
markets fuels and products globally. Phillips 66 Partners, the company's
master limited partnership, is integral to the portfolio. Headquartered in
Houston, the company has 14,400 employees committed to safety and operating
excellence. Phillips 66 had $55 billion of assets as of June 30, 2018. For
more information, visit http://www.phillips66.com or
follow us on Twitter @Phillips66Co.
CAUTIONARY STATEMENT FOR THE PURPOSES OF THE "SAFE HARBO R" PROVISIONS OF
THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995
This news release contains certain forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended, and
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“strategies” and similar expressions are used to identify such
forward-looking statements. However, the absence of these words does not
mean that a statement is not forward-looking. Forward-looking statements
relating to Phillips 66’s operations (including joint venture operations)
are based on management’s expectations, estimates and projections about the
company, its interests and the energy industry in general on the date this
news release was prepared. These statements are not guarantees of future
performance and involve certain risks, uncertainties and assumptions that
are difficult to predict. Therefore, actual outcomes and results may differ
materially from what is expressed or forecast in such forward-looking
statements. Factors that could cause actual results or events to differ
materially from those described in the forward-looking statements include
fluctuations in NGL, crude oil, and natural gas prices, and petrochemical
and refining margins; unexpected changes in costs for constructing,
modifying or operating our facilities; unexpected difficulties in
manufacturing, refining or transporting our products; lack of, or
disruptions in, adequate and reliable transportation for our NGL, crude
oil, natural gas, and refined products; potential liability from litigation
or for remedial actions, including removal and reclamation obligations
under environmental regulations; limited access to capital or significantly
higher cost of capital related to illiquidity or uncertainty in the
domestic or international financial markets; and other economic, business,
competitive and/or regulatory factors affecting Phillips 66’s businesses
generally as set forth in our filings with the Securities and Exchange
Commission. Phillips 66 is under no obligation (and expressly disclaims any
such obligation) to update or alter its forward-looking statements, whether
as a result of new information, future events or otherwise.
CONTACTS
Christopher Dancy, Ryze Renewables
949-812-7065
cdancy@ryzerenewables.com
or
Joe Gannon, Phillips 66
832-765-1850 (media)
joe.gannon@p66.com