Bunge (NYSE: BG) and Chevron (NYSE: CVX) have jointly approved the final investment decision for Bunge Chevron Ag Renewables LLC, marking the construction of a new oilseed processing plant adjacent to their existing facility in Destrehan, LA. The groundbreaking event for this plant was celebrated at the site.
The new plant, designed with flexibility in mind, will process soybeans and softseeds, including novel winter oilseed crops like winter canola and CoverCress. Set to become operational in 2026, the facility aims to enhance Bunge Chevron Ag Renewables’ capacity to meet the rising market demand for renewable fuel feedstocks and support feed and protein markets through meal product production.
Luciano Salvatierra, Bunge’s Senior Vice-President of Renewable Fuels, expressed, “This new facility is another step in our long-term strategy to improve our capabilities at scale for the renewable fuels market and to reduce the carbon intensity of our own and our customers’ value chains.”
The expansion is anticipated to generate over 150 construction jobs and add 30 new positions upon completion.
Stacey Orlandi, Director of Manufacturing at Chevron Renewable Energy Group, noted, “Having greater ability to process softseeds, including novel winter oilseed crops, will help advance our innovation in the feedstock space and meet the growing demand for renewable fuels.”
Bunge Chevron Ag Renewables focuses on developing renewable fuel feedstocks, leveraging Bunge’s expertise in oilseed processing and farmer relationships, along with Chevron’s proficiency in renewable fuels production and marketing. Under the joint venture, Bunge operates processing plants in Destrehan and Cairo, Ill., while Chevron holds purchase rights for the oil to utilize as feedstock for manufacturing transportation fuels with lower lifecycle carbon intensity.
