Chevron Makes Pact with Bunge to Join Chase for Renewable Diesel
- Proposed joint venture marks latest oil-and-agriculture tie-up
- Pact to see Bunge help Chevron make cleaner diesel, jet fuel
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Booming demand for renewable diesel is prompting another agriculture-energy tie-up, with Chevron Corp. and Bunge Ltd. striking a pact to turn soybeans into less polluting fuel.
The proposed venture between the fossil-fuel giant and the world’s top oilseed processor marks the latest collaboration between oil and agriculture as traditional energy producers seek to secure raw materials needed to make more climate-friendly fuel. Renewable diesel is viewed as a growth area for both industries, with the future of liquid fuel facing pressure from a global push toward electric vehicles.