REG: PHILLIPS 66 AND RENEWABLE ENERGY GROUP WITHDRAW RENEWABLE DIESEL PROJECT IN WASHINGTON STATE

HOUSTON, Texas and AMES, Iowa, Jan. 21, 2020 – Phillips 66 (NYSE: PSX) and Renewable Energy Group, Inc. (NASDAQ: REGI) are discontinuing their joint effort to construct a large-scale renewable diesel plant in Ferndale, Washington, the companies announced today.  

The project has been canceled due to permitting delays and uncertainties.

Originally announced in fall 2018, this 250 million gallon per year project would have resulted in the largest renewable diesel refinery on the West Coast.“While we believe the Ferndale Refinery is a strategic fit for this renewable diesel project, permitting uncertainties were leading to delays and higher costs,” said Robert Herman, Phillips 66 executive vice president of Refining. “Phillips 66 continues to progress its portfolio of renewable diesel projects and evaluate new opportunities to provide consumers with renewable fuels that comply with low-carbon fuel standards.”

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