Subscribe
Be the first with the news that moves the market- Imperial (IMO) will invest C$720 million toward the construction of Canada’s largest renewable diesel facility
- The facility will be based at Imperial’s Strathcona refinery in Alberta and is expected to produce more than 1 billion litres of renewable diesel annually
- Construction is underway, with production expected in 2025
- Imperial Oil is one of Canada’s largest integrated oil companies
- Imperial (IMO) is up by 0.85 per cent, trading at $70.37 per share
Imperial (IMO) will invest C$720 million toward the construction of Canada’s largest renewable diesel facility.
The facility will be based at Imperial’s Strathcona refinery in Alberta and is expected to produce more than 1 billion litres of renewable diesel annually, primarily from local feedstocks, reducing Canadian transportation emissions by roughly 3 million metric tons per year.
The facility will use low-carbon hydrogen produced with carbon capture and storage technology.
Imperial has signed an agreement with Air Products for low-carbon hydrogen and is developing agreements with other third parties for bio feedstock supply.
Site preparation and initial construction are underway, with renewable diesel production expected in 2025.
A significant portion of the renewable diesel from Strathcona will be supplied to British Columbia in support of the province’s plan to lower carbon emissions.
“Imperial supports Canada’s vision for a lower-emission future, and we are making strategic investments to reduce greenhouse gas emissions from our own operations and to help customers in vital sectors of the economy reduce their emissions,” stated Brad Corson, Imperial’s Chairman, President and CEO.
“The investment at our Strathcona refinery will deliver immediate benefits to the local economy, creating jobs [600 in construction; hundreds more through partner investments] and contributing to a lower-emission energy future for our employees, neighbours and communities,” he added.
Imperial Oil is one of Canada’s largest integrated oil companies.
Imperial (IMO) is up by 0.85 per cent, trading at $70.37 per share as of 10:25 am EST.
