Eni completes joint venture partnership in St. Bernard Renewables LLC
London, 28 June, 2023, (Oilandgaspress) Eni Sustainable Mobility Spa and PBF Energy Inc. (NYSE: PBF) today announced the closing of a 50-50 joint venture partnership in St. Bernard Renewables LLC (SBR), an operating biorefinery co-located with PBF’s Chalmette Refinery in Louisiana (US). PBF’s affiliate contributed the biorefinery and other assets comprising the business to SBR and Eni Sustainable Mobility’s affiliate has committed to make capital reimbursements and contributions totaling $835 million to PBF, of which $431 million was paid at closing. The remainder of the total consideration will be contributed by Eni Sustainable Mobility upon start-up of the pre-treatment unit (“PTU”). An additional $50 million in contingent consideration will be paid by Eni Sustainable Mobility subject to the achievement of certain project milestones and performance criteria.
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