HollyFrontier: purchases Sinclair.
From earlier this week; simply did not get around to it until now. Direct to the Platts story here.
Summary:
- Sinclair's renewable diesel business key part of transaction;
- refining capacity will almost double
- will provide RIN generation through marketing
From the article:
HollyFrontier will buy fellow Rockies refiner Sinclair, a deal which will add two refineries, a renewable diesel plant and access to a branded marketing network, thus increasing RIN generation
Increased RINs generation -- both through increased RD production and through Sinclair's marketing business -- will lessen the onerous burden of the US Environmental Protection Agency's Renewable Fuel Standard on the combined company.
The new company will be known as HF Frontier and the deal is expected to close in the middle of 2022. Also included in the $1.8 billion all stock deal is Sinclair's crude pipelines and terminal assets, which will be acquired by HollyFrontier's master limited partnership, Holly Energy Partners.
This is really, really cool. Quick: where is the demand for renewable diesel?
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