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CVR Energy Delays Renewable Diesel Project Due to Feedstock Price Hike

8/5/2021

CVR Energy of Texas recently announced that it was delaying the completion of a renewable diesel unit under construction at the company’s Wynnewood, Oklahoma facility. High feedstock prices were given as the reason for the project pause.

CVR Chief Executive David Lamp added that “Renewable diesel feedstock prices have increased considerably, particularly for refined, bleached and deodorized soybean oil to a level where the economics do not make sense for us to complete the conversion at this time.” This noticeable gain in pricing is likely due to new renewable diesel plants in the U.S. all competing for this feedstock.

The 7,000 barrel per day unit in Wynnewood had been under construction for a late 2021 startup, but that is unlikely to occur now. CVR did not give a new startup date at this time and any renewable output is on hold for now.