Propel Fuels sues petroleum giant, alleging theft of trade secrets

Sacramento-based renewable fuel retailer Propel Fuels Inc. has filed suit against Phillips 66 Co., alleging that the Houston-based oil giant misappropriated Propel’s trade secrets during due diligence for an acquisition that never occurred.

Meanwhile, Phillips 66 (NYSE: PSX) last week decided to move ahead with the conversion of its current petroleum refinery in Rodeo into the world’s largest renewable fuel refinery at a cost of $850 million and a completion date in the first quarter of 2024.

Propel’s…

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