Chevron Makes Renewable Fuels Investment

Chevron’s Renewable Energy Group Inc., a subsidiary of Chevron Corp., and Bunge have acquired Argentina-based Chacraservicios S.r.l. This latest investment in novel seeds adds a new oil source in Bunge and Chevron’s global supply chains and will help both companies meet the growing demand for lower-carbon renewable feedstocks.

Founded in 2003, Chacraservicios is focused on the cultivation of Camelina Sativa, a cover crop with high oil content, that benefits farmers, consumers, and the environment. Chacraservicios has its own plant for the extraction of camelina oil in the town of Pigue, headquarters in Buenos Aires, and a seed processing and storage plant in the town of Pergamino, a province of Buenos Aires.

Bunge and Chevron’s Renewable Energy Group plan to explore opportunities to increase their participation in the development of next generation, renewable fuels, and advance a lower-carbon energy future.

“Across our business, our decision-making process includes a focus on carbon. Investing in this new oilseed crop is another step toward our goal of expanding lower-carbon intensity feedstocks to help meet the growing demand for renewable fuels,” said Fernando Candi, vice president of carbon solutions at Bunge. “We are pleased to bring innovative crop solutions to farmers and process it into sustainable solutions for consumers.”

“Agricultural innovation is powering renewable fuels development around the world, and opportunities like this are helping Chevron expand our portfolio of affordable, reliable, and lower-carbon fuels,” said Natalie Merrill, senior vice president for business development with Chevron’s Renewable Energy Group. “Together with Bunge, Chevron’s Renewable Energy Group looks forward to working with the Chacraservicios team on meal and oil processing innovations.”