On Thursday, the 22nd of August 2019, a diversified developer alongside marketer of bioenergy products, SG Preston Co., headquartered in Philadelphia, said that the US-based biofuel producer was going to propose a bid to take over the fire-damaged refinery of Philadelphia Energy Solution in a bid to convert the usage infrastructure to produce renewable diesel and jet fuels.
In point of fact, SG Preston Co. had been the first to propose a takeover deal for the fire-damaged refinery of Philadelphia Energy Solution, the largest and oldest refinery over the US East Coast. On top of that, latest takeover bid of SG Preston came forth after owners of the Philadelphia Energy Solution had stalled output at the refinery following a deadly blaze in June damaging its gasoline production units and put its 1,300 acre facility alongside fire-damaged refinery up for sale, which used to produce 335,000 barrels of oil per day.
Further inside the bid, at least two people familiar with the subject-matter unveiled on Thursday (August 22nd) that the Philadelphia-based biofuel company would be converting at least a part of the facility to produce marine diesel, jet fuel and renewable diesel, while the biofuel producer would be capitalizing oils, grease and fats as its raw materials, while followed by its Thursday’s (August 22nd) announcement, Chief executive of SG Preston, Randy LeTang said, “We can use the existing equipment, labor and regional waste streams to show the rest of the country how to bring back our jobs and industries.
” Nonetheless, the sources directly briefed over the subject-matter declined to unveil the financial terms of the deal.