Phillips 66 backs out of renewable diesel project

Houston’s largest publicly traded company, Phillips 66 (NYSE: PSX), has cancelled plans with a joint venture partner to build a renewable diesel plant in the Northwest U.S.

Phillips 66 and Renewable Energy Group Inc. (Nasdaq: REGI) have pulled out of the Washington project after the partners faced permitting delays and other uncertainties, Phillips 66 said in a press release. The project would have built a 250 million-gallon-per-year renewable diesel refinery near Phillips 66’s existing refinery…

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