Vertex Energy Inc., a leading specialty refiner and marketer of high-quality refined products, on June 26 announced that the company has completed its first series of commercial sales transactions of renewable diesel (RD) from its recently completed renewable diesel production facility at its refinery located in Mobile, Alabama. The initial sales totaled approximately 110,000 barrels of RD to Idemitsu Apollo Renewable Corp., a wholly-owned California-based subsidiary of Idemitsu Kosan, per the previously disclosed product supply agreement announced in February 2022.
The company also announced expected increases in RD production volumes remain on schedule as planned, at a current rate of approximately 7,700 barrels per day (bpd). The Company maintains plans to continue increasing RD production levels towards its previously stated target of approximately 8,000 bpd, by the end of 2Q23.
"We are pleased to report the initial"We are pleased to report the initial sales of Renewable Diesel out of our Mobile Refinery. Our team has demonstrated dedication and excellence in getting us to this point, and this series of transactions is a testament to their ability to execute end-to-end on putting an entirely new, low-carbon product stream, into the market," stated James Rhame, chief operations officer of Vertex, who continued, "Operationally, the renewable diesel plant continues to run well, and our team continues to safely and reliably deliver on incremental production targets as planned. We are proud of our team, and we are honored to have Idemitsu as an offtake partner in this process, as we work together toward a sustainable future."
