IRVING, Texas, Nov. 7, 2017 /PRNewswire/ -- Darling Ingredients
Inc. (NYSE: DAR) and Valero Energy Corporation (NYSE: VLO)
("Valero") announced today that in anticipation of growing demand
for renewable diesel due to the Renewable Fuel Standard (RFS) and
global low carbon markets, they will initiate an engineering and
construction cost review to analyze an additional project growing
annual production capacity to 550 million gallons at the Diamond
Green Diesel (DGD) facility in Norco, LA.
The DGD facility is currently undergoing an expansion project
that will grow annual production capacity from 160 million gallons
of renewable diesel to 275 million gallons. This project is
targeted for completion in second quarter 2018.
"Diamond Green Diesel has proven to be a tremendous success and
we acknowledge Valero's engineering excellence as the key," said
Randall C. Stuewe, Chairman and
Chief Executive Officer of Darling Ingredients Inc. "Our
partnership through DGD has created a sustainable and efficient
process of converting Darling's feedstocks into high quality
biofuels to meet the needs of our customers around the world."
A final decision on the incremental 275 million gallons of
annual production capacity is expected in 2018 and will be
dependent on further engineering and cost estimates, as well as the
status of government regulations. The proposed expansion would
utilize existing DGD infrastructure and be built on property owned
by Valero. If a decision is made to proceed with the proposed
expansion, the new capacity would be available in the first half of
2021. Current DGD operations are not expected to be impacted if the
proposed expansion is built.
About Darling
Darling Ingredients Inc. is the world's largest publicly-traded
developer and producer of sustainable natural ingredients from
edible and inedible bio-nutrients, creating a wide range of
ingredients and specialty products for customers in the
pharmaceutical, food, pet food, feed, technical, fuel, bioenergy,
and fertilizer industries. With operations on five
continents, the Company collects and transforms all aspects of
animal by-product streams into broadly used and specialty
ingredients, such as gelatin, edible fats, feed-grade fats, animal
proteins and meals, plasma, pet food ingredients, organic
fertilizers, yellow grease, fuel feedstocks, green energy, natural
casings and hides. The Company also recovers and converts
used cooking oil and commercial bakery residuals into valuable feed
and fuel ingredients. In addition, the Company provides
grease trap services to food service establishments, environmental
services to food processors and sells restaurant cooking oil
delivery and collection equipment. For additional information,
visit the Company's website at http://www.darlingii.com.
About Valero
Valero Energy Corporation, through its subsidiaries, is an
international manufacturer and marketer of transportation fuels and
other petrochemical products. Valero, a Fortune 50 company based in
San Antonio, Texas, with
approximately 10,000 employees, is an independent petroleum
refiner and ethanol producer, and its assets include
15 petroleum refineries with a combined throughput capacity of
approximately 3.1 million barrels per day and 11 ethanol
plants with a combined production capacity of 1.4 billion
gallons per year. The petroleum refineries are located in
the United States (U.S.),
Canada and the United Kingdom (U.K.), and the ethanol plants
are located in the Mid-Continent region of the U.S. In
addition, Valero owns the 2 percent general partner interest and a
majority limited partner interest in Valero Energy Partners LP, a
midstream master limited partnership. Valero sells its
products in both the wholesale rack and bulk markets, and
approximately 7,400 outlets carry Valero's brand names in the
U.S., Canada, the U.K. and
Ireland. Please visit www.valero.com for more
information.
Darling
Ingredients contact
|
|
Melissa A. Gaither,
VP IR and Global Communications
|
Email:
mgaither@darlingii.com
|
251 O'Connor Ridge
Blvd., Suite 300, Irving, Texas 75038
|
Phone:
972-717-0300
|
Valero Contacts
Investors:
John Locke, Vice President –
Investor Relations, 210-345-3077
Karen Ngo, Senior Manager –
Investor Relations, 210-345-4574
Tom Mahrer, Manager – Investor
Relations, 210-345-1953
Media:
Lillian Riojas, Director – Media
Relations and Communications, 210-345-5002
Cautionary Statements Regarding Forward-Looking Information:
{This media release contains "forward-looking" statements
regarding the business operations and prospects of Darling
Ingredients Inc., including its Diamond Green Diesel (DGD) joint
venture, and industry factors affecting it. These statements are
identified by words such as "believe," "anticipate," "expect,"
"estimate," "intend," "could," "may," "will," "should," "planned,"
"potential," "continue," "momentum," "assumption," and other words
referring to events that may occur in the future. These
statements reflect Darling Ingredient's current view of future
events and are based on its assessment of, and are subject to, a
variety of risks and uncertainties beyond its control, each of
which could cause actual results to differ materially from those
indicated in the forward-looking statements. These factors
include, among others, changes to worldwide government policies
relating to renewable fuels and greenhouse gas emissions that
adversely affect programs like the Renewable Fuel Standards Program
(RFS2), low carbon fuel standards (LCFS) and tax credits for
biofuels both in the Unites States and abroad; and risks associated
with the DGD renewable diesel plant in Norco, Louisiana, including possible
unanticipated operating disruptions and issues related to the
announced expansion project. Other risks and uncertainties
regarding Darling Ingredients Inc., its business and the industries
in which it operates are referenced from time to time in the
Company's filings with the Securities and Exchange
Commission. Darling Ingredients Inc. is under no obligation
to (and expressly disclaims any such obligation to) update or alter
its forward-looking statements whether as a result of new
information, future events or otherwise.}