Compared with European firms, Chevron’s deal to buy Renewable Energy is a cheap and cheerful start, but well short of a serious green commitment, writes rob_cyran:
Chevron said on Feb. 28 it had agreed to buy Renewable Energy for $3.2 billion, or $61.50 per share. That represents a 40% premium for the shares of the producer of biodiesel and renewable diesel, based on closing prices on Feb. 25, the last day of trading before the announcement.
Chevron pledged in September to invest $10 billion to reduce carbon emissions through 2028, with $3 billion earmarked for renewable fuels. Also in September, Chevron said it would invest $600 million in a joint venture with Bunge to expand soybean processing to make lower carbon intensity feedstocks for fuel.An entrance sign at the Chevron refinery, located near the Houston Ship Channel, is seen in Pasadena, Texas, U.S., May 5, 2019.
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