Energy & Science
Chevron to Buy Biofuel-Maker Renewable Energy Group for $3.1 Billion
- Purchase is biggest low-carbon deal under CEO Mike Wirth
- Biofuels seen as critical to decarbonizing heavy-duty vehicles
A Chevron gas station in British Columbia.
Photographer: James MacDonald/BloombergThis article is for subscribers only.
Chevron Corp. agreed to buy green diesel producer Renewable Energy Group Inc. for $3.1 billion in the biggest low-carbon deal of Chief Executive Officer Mike Wirth’s four-year tenure.
The San Ramon, California-based oil giant will pay $61.50 a share for Renewable, it said Monday in a statement. Bloomberg News reported the companies were close to a deal late Friday.