Vertex Energy Inc. began producing renewable diesel Saturday at the former Shell refinery in Mobile, Ala., the Houston-based company said on Wednesday.

The company also said it signed a new working capital facility with Macquarie Group that will help it secure feedstock for the plant.

Vertex disappointed shareholders earlier this month when it disclosed that some malfunctioning pumps had delayed the planned start of renewable diesel production. The company on Wednesday said it expects to make its first sales of the fuel in June after getting EPA authorization to claim Renewable

Identification Numbers credits under the federal Renewable Fuels Standard program.

In addition to the working capital agreement, Vertex said it entered into a supply and offtake agreement with Macquarie that is similar to what it had in place with the investment house for its conventional fuel products.

In addition to renewable diesel, the 75,000 b/d former Shell refinery manufactures diesel, jet fuel, vacuum gasoil and gasoline.

This content was created by Oil Price Information Service, which is operated by Dow Jones & Co. OPIS is run independently from Dow Jones Newswires and The Wall Street Journal.

-Reporting by Tom Kloza, tkloza@opisnet.com; Editing by Jeff Barber, jbarber@opisnet.com

(END) Dow Jones Newswires

May 31, 2023 09:54 ET (13:54 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.
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