S.G. Preston is purposed to buy Philadelphia Energy Solutions refinery
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The damaged Philadelphia Energy Solutions “PES” refinery received the interest from first potential buyer from Philadelphia-based biofuel company S.G. Preston Co. The company which intends to use the PES refinery for making renewable diesel, marine diesel and jet fuel, according to Reuters.
Back in June the Philadelphia Energy Solutions’ refinery had stopped operations when the company’s Alkylation unit which turns crude oil into gasoline caught fire after a big explosion. At the time refinery was producing 335,000 barrels per day.
PES is under bankruptcy protection since July and ready to get acquired. While according to the sources reported to Reuters two companies are interested in bidding on refinery and one of them more interested is S.G. Preston.
S.G. Preston Company is looking to use the existing assets of PES refinery including equipment, labor and regional waste streams to make renewable fuels to make renewable fuels from fats, oils and grease by using the plant from surroundings communities. “In addition, the PES site is a natural candidate for this type of activity, given the infrastructure in place. Lastly, S.G. Preston is one of the few established commercial-scale advanced non-ethanol biofuel producers in the country,” a source wrote to the Reuters.
The renewable energy operations in damaged PES refinery would be on far less scale than carried out before. Preston S.G. is in contact with local unions to hire the old members. While PES refinery has dismissed 1,100 employees and a part of the qualified workers are being given a few incentives.
Chief executive of S.G. Preston Randy LeTang said in a statement “We can use the existing equipment, labor and regional waste streams to show the rest of the country how to bring back our jobs and industries.”
The company can make Biofuels from any organic matter available that includes agricultural crops and trees, plants, grasses, wood, manure, and as well as municipal waste. It’s biorefinery can process and transform the organic matter into renewable fuels like biodiesel, and renewable diesel and jet fuel.
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