World Energy, a Boston-based biofuel producer that bought a diesel and jet fuel refinery in Paramount earlier this year, announced Oct. 24 a $350 million upgrade to the facility, turning it into the largest biofuel refiner in California.
World Energy bought the refinery and related infrastructure in March from Delek U.S. Holdings of Brentwood, Texas, for a reported $72 million.
In 2014, Delek’s AltAir Paramount unit had converted an idle, traditional oil refinery in Paramount to produce renewable diesel and jet fuels.
See related story: Paramount Refinery Sold as Part of $72 Million Deal
World Energy, which has built a business around turning animal fats and vegetable oils from feedstock suppliers into energy, will now convert the Paramount refinery to run on biofuels. The refinery upgrade is expected to take two years; when complete, the refinery is expected to produce 306 million gallons of renewable fuels annually. The forthcoming announcement is part of the company’s commitment to increase production of low-carbon, sustainable heavy transportation fuels, thereby reducing greenhouse gas emissions.
“Today, we are making significant investments in California that will allow us to create more local construction and full- time jobs," said Gene Gebolys, World Energy chief executive Officer, in a statement. "This facility is a direct and tangible result of environmental policies passed by the California State Legislature.”
Economy, education, energy and transportation reporter Howard Fine can be reached at firstname.lastname@example.org. Follow him on Twitter @howardafine.