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New legislation in Brazil, known as the "Fuel of The Future" bill, aims to support farmers by increasing demand for biofuels and reducing reliance on fossil fuels produced by Petrobras, the state-controlled oil giant. The bill, which has passed in the Senate and is now returning to the lower house, would raise the allowable blend of ethanol in regular gasoline to 35% and increase the blend of biodiesel in regular diesel to 20% over the next six years. It would also require natural gas suppliers to gradually reduce emissions by purchasing biomethane. The legislation is seen as a blow to Petrobras, with gasoline consumption potentially dropping by 11% due to the increased ethanol blend. The bill is welcome news for sugar-cane millers and soy crushing companies, as it will boost demand for their products. The expansion of the biofuels market is expected to lead to increased investment in biofuel production from soybeans and corn. The legislation also highlights the need for Petrobras to pivot its investment plans towards low-carbon alternatives. While the company is preparing its refineries to meet the demand for low-carbon fuels, its diesel R product is not included in the mandatory green diesel blend defined in the new legal framework. [Extracted from the article]

European airlines are outpacing US carriers in the use of cleaner jet fuel, according to a Bloomberg Green analysis. While many airlines have pledged to obtain at least 10% of their fuel from sustainable sources by the end of the decade, the use of sustainable aviation fuel (SAF) only grew from 0.04% to 0.17% globally between 2021 and 2023. European airlines are leading the way due to government mandates, with the European Union requiring airlines to use 2% SAF starting next year. In contrast, the US has taken a voluntary approach, offering incentives but not requiring the purchase of cleaner fuels. [Extracted from the article]

Darling Ingredients Inc. experienced a significant surge in its stock price after California indicated that it may impose restrictions on the use of seed oils in green diesel. The proposed changes to California's low-carbon fuel program would limit the use of soybean and canola oils in green diesel to 20%. This would benefit companies like Darling Ingredients that rely on alternative feedstocks such as used cooking oil. However, the cap is not expected to take effect until 2028. [Extracted from the article]

Commodities trader Bunge Global SA and molecular farming company Moolec Science SA are collaborating to edit genes in safflowers in order to enhance the oilseed for use in biofuels. The companies aim to develop strains of safflowers that will increase crop productivity for biofuels and other markets. This partnership is part of a larger effort within the industry to find innovative ways to maximize crop output to meet the growing demand for cleaner fuels. Moolec has previously engineered safflowers for various purposes, including producing enzymes for cheese-making and fatty acids for medical use. The company is also known for its work in inserting animal genes into plants to create protein-rich crops for alternative meats. Other agriculture giants, such as Archer-Daniels-Midland Co. and Cargill Inc., have also explored partnerships and investments in biotech and startups to address environmental and health concerns. [Extracted from the article]

Chevron Corp., a California-based company, is relocating its headquarters to Texas after facing challenges with strict environmental policies and regulations in California. The move, which marks the end of Chevron's 145-year presence in California, has been welcomed by Texas Governor Greg Abbott as the company's "true home." Chevron had already reduced investments in California refining due to what it described as "adversarial" government policies. The CEO of Chevron, Mike Wirth, stated that the relocation is not politically motivated but rather driven by the desire to be closer to the core of the industry. Texas offers a favorable business climate for Chevron, with a vast network of resources and a strong presence in the energy sector. The move follows a trend of companies leaving California, including Oracle, Hewlett Packard Enterprise, and Tesla, due to tax and cost-of-living considerations. Chevron's decision also reflects the ongoing disagreements between the company and California's leaders over fossil fuel regulations. California has been at the forefront of environmental initiatives, such as reducing tailpipe emissions and adopting climate measures, but it has also experienced the negative impacts of climate change, including droughts and wildfires. The state is a leader in electric vehicle sales and renewable diesel consumption. While California's oil production has declined, states like Texas and New Mexico have seen a boom in crude production. Texas offers favorable taxation, business regulations, and a lower cost of living, making it an attractive destination for companies. Chevron already has a significant presence in Texas, with [Extracted from the article]

A bipartisan group of senators, including Democrat Sherrod Brown and Republican Roger Marshall, is urging Treasury Secretary Janet Yellen to ensure that only domestic ingredients can benefit from a tax credit for biofuels. They argue that the surge of Chinese used cooking oil being imported into the US for biofuel production threatens American farmers and goes against President Joe Biden's climate law. The senators are calling on Yellen to issue guidelines for the tax credit before it takes effect next year, restricting eligibility to renewable fuels made from domestically sourced feedstocks. US crop processors claim that the influx of foreign biofuel ingredients is undercutting American farm products, and some groups are advocating for higher levies on imports from China. [Extracted from the article]

Lawmakers in the US are increasing pressure on the Biden administration to address the influx of potentially fraudulent used cooking oil (UCO) imports. The lawmakers are calling for the use of third-party certification to prevent fake supplies from entering the country. They argue that while major importers use testing and certifications to ensure the legitimacy of UCO, foreign renewable fuel producers and other companies are evading scrutiny, harming domestic fuel producers. Concerns have also been raised about the impact of UCO imports on American crops used for biofuels and the potential distortion of commodity values. [Extracted from the article]

Lawmakers in the US are urging the Biden administration to address the influx of potentially fraudulent used cooking oil (UCO) imports. They are calling for the use of third-party certification to prevent fake supplies from entering the country. The lawmakers are concerned that foreign renewable fuel producers and other companies are not subject to the same scrutiny as big importers, which is harming domestic fuel producers. US soybean processors claim that UCO imports are undercutting American crops used for biofuels, and they are advocating for higher levies on UCO imports from China. The lawmakers are also requesting information from the Environmental Protection Agency (EPA) on steps being taken to ensure that UCO imports do not contain fresh vegetable oils, such as palm oil, which is linked to deforestation. Additionally, they are questioning how the EPA distinguishes between UCO importers with International Sustainability and Carbon Certification and those without. [Extracted from the article]

This article discusses five key charts to watch in global commodity markets. Firstly, record-high wheat yields in North Dakota are expected to expand American grain supplies, which is positive for US exports. Secondly, the quarterly earnings season for big oil companies continues, with TotalEnergies SE already reporting a bigger-than-expected profit drop. Thirdly, there is renewed interest in winter canola as a source of renewable diesel and jet fuel in the US. Fourthly, global average temperatures have been consistently exceeding a key climate threshold, highlighting the challenges of limiting global warming. Lastly, lithium prices are at three-year lows, and there are concerns about a potential oversupply of the battery metal. [Extracted from the article]

Agricultural trading giants Archer-Daniels-Midland Co. and Bunge Global SA are expected to report their weakest second quarter in four years, with shrinking margins for most of their businesses. This is due to a decline in food inflation, which had previously boosted profits to record levels. Grain prices have dropped as production rebounds, making buyers less eager to secure supplies and farmers more reluctant to sell. Additionally, the profits from processing soybeans into meal and oil have eroded due to increased crushing capacity in the US and a supply rebound in Argentina. However, there is potential for an earnings beat in the second quarter and an improved outlook for Bunge's full-year earnings. [Extracted from the article]

This article discusses five key charts to watch in global commodity markets. Firstly, record-high wheat yields in North Dakota are expected to expand American grain supplies, which is positive for US exports. Secondly, the quarterly earnings season for big oil companies continues, with TotalEnergies SE already reporting a bigger-than-expected profit drop. Thirdly, there is renewed interest in winter canola as a source of renewable diesel and jet fuel in the US. Fourthly, global average temperatures have been consistently exceeding a key climate threshold, highlighting the challenges of limiting global warming. Lastly, lithium prices are at three-year lows, raising concerns about a potential supply reduction. [Extracted from the article]

Canola oil, originally invented in Canada as a healthier cooking fat, is now being considered as a potential feedstock for renewable fuels. Energy and agriculture companies in the US, such as Chevron, Bunge Global, and Corteva, are increasing their investments in canola production and crushing. The goal is to use canola as a feedstock for climate-friendly jet fuel and diesel. However, the success of this venture may be influenced by the outcome of the US presidential election and potential policy changes. If the market expands as planned, the US and Canadian market for oils used in renewable transportation fuels could be valued at over $20 billion next year. This would be welcome news for US farmers, who are currently facing a significant drop in income. Canola is seen as a promising alternative to soybeans, as it has a higher oil content and can yield more per acre. The production of canola is being expanded to include winter canola, which can be grown during the fall and harvested in June. This allows farmers to utilize fallow land and potentially increase their yields. The development of processing facilities for canola is also being prioritized due to the growing demand for greener fuels. The success of this venture could have positive environmental and economic impacts, as canola promotes soil health, suppresses weeds, and reduces greenhouse gas emissions. [Extracted from the article]

Brazil's soybean acreage is expected to have its slowest growth in almost two decades due to lower prices that have reduced farmers' profits. The country is projected to plant 47.3 million hectares of soybeans this year, a 1.9% increase from 2023, which is the smallest percentage growth since 2006. This slowdown in Brazil's soybean production comes as global inventories reach record levels, leading to lower prices. However, Brazil may still produce a record 171.5 million metric tons of soybeans this season if crop yields increase by 11%. [Extracted from the article]

Trafigura Group and Mubadala Capital are considering selling their Brazilian iron-ore port terminal operator, Porto Sudeste, which they acquired from Eike Batista in 2014. The companies have been in talks with banks to find a buyer for their holdings in the facility. Porto Sudeste shipped 26.1 million tons of iron ore last year, but has struggled to attract users compared to Vale SA, Brazil's largest iron ore producer. Mubadala plans to use the proceeds from the sale to invest in a refinery in Bahia state. [Extracted from the article]

Shell Plc is expecting up to $2 billion in impairments in its second-quarter earnings due to delays in a biofuels plant in the Netherlands and a chemicals facility in Singapore. The company recently announced a pause in the construction of the biofuels plant in Rotterdam, resulting in a non-cash impairment of $600 million to $1 billion. The shift towards net zero emissions has faced challenges from right-wing populists questioning the cost of the transition. Shell remains committed to achieving net zero emissions by 2050. [Extracted from the article]

Shell Plc is expecting up to $2 billion in impairments in its second-quarter earnings due to delays in the construction of a biofuels plant in the Netherlands and the sale of its chemicals facility in Singapore. The company has decided to temporarily halt the Dutch project to reassess its approach, resulting in a non-cash post-tax impairment of $600 million to $1 billion. Additionally, a further writedown of $600 million to $800 million is anticipated for the Singapore facility. Shell's gas trading results are also expected to be lower in the second quarter due to seasonal shifts in the market. [Extracted from the article]

US fuel makers, including Valero Energy Corp., Phillips 66, and Calumet Specialty Products Partners LP, are retrofitting their renewable diesel plants to produce sustainable aviation fuel (SAF) in response to declining returns from renewable diesel. SAF, derived from sources like cooking grease, is more expensive to produce but is seen as crucial for reducing airline emissions. However, the production of SAF involves costly logistics and more rigorous refining, which can make it difficult to turn a profit. Despite these challenges, government incentives and subsidies are expected to support the expansion of both SAF and green diesel. [Extracted from the article]

Shell Plc has temporarily halted construction of a biofuels plant in the Netherlands in order to find ways to reduce costs. The facility, located in Rotterdam, is intended to process sustainable aviation fuel and renewable diesel. Shell remains committed to achieving net zero emissions by 2050 and aims to use shareholder capital in a measured and disciplined manner. The company's CEO has implemented various measures to improve performance and increase investor returns, including job cuts, asset sales, and a revised approach to reducing carbon emissions. [Extracted from the article]

Shell Plc has decided to temporarily halt the construction of a biofuels plant in the Netherlands in order to find ways to reduce costs. The facility, located in Rotterdam, is intended to process sustainable aviation fuel and renewable diesel. Shell aims to control expenses and optimize the project's sequencing by reducing activity at the site. The company will provide further guidance on the potential impact of this decision in its upcoming trading update. Despite the pause in construction, Shell remains committed to achieving net zero emissions by 2050 and using shareholder capital in a responsible manner. [Extracted from the article]

The Hollywood Climate Summit brought together industry professionals and policymakers to discuss the role of the entertainment industry in addressing climate change. US Department of Energy Secretary Jennifer Granholm emphasized the need for accurate portrayals of climate change and stories focused on the energy transition to help the public understand the future. The event also highlighted the challenge of reducing emissions in the entertainment industry, with the average major movie production emitting more carbon per day than the average US vehicle emits annually. While progress has been made in introducing sustainable alternatives on set, addressing climate pollution associated with streaming remains a significant challenge. [Extracted from the article]

The US has given approval for Brazil to export used cooking oil (UCO), which could negatively impact American soybean producers and crushers who face increased competition from imported biofuel ingredients. Brazil has met US requirements for traceability, identity, and origin of UCO, and the move comes as the US is experiencing a surge in low-carbon feedstocks for green diesel production. The increase in UCO imports from China has raised concerns about authenticity and potential mixing with fresh vegetable oils, prompting calls for increased scrutiny and tariffs on Chinese UCO. Brazil has already been benefiting from the US biofuels boom, with American purchases of Brazilian cattle tallow increasing significantly. [Extracted from the article]

The world's renewable fuelmakers are facing a potential shortage of waste oil, a crucial ingredient in renewable fuels. By 2030, the production targets for sustainable aviation fuel will require twice the amount of used cooking oil that can be collected in the US, Europe, and China combined. This has led to Western nations relying on imports from Asia, particularly China, for cooking oil used in biofuels. The Transport & Environment lobby group has raised concerns about companies potentially using other feedstocks, such as palm oil, instead of waste oil. The demand for waste oil is increasing, but collection rates are only growing by 3%. [Extracted from the article]

Brazil is taking advantage of the US biofuels boom by flooding the market with Brazilian cattle tallow, a form of waste fat that can be used to make renewable fuels. American purchases of Brazilian tallow have increased by 377% in the first four months of 2024 compared to the previous year, accounting for nearly all of the 40% increase in overall tallow shipments into the US. US fuelmakers are turning to cheaper raw materials from overseas, such as tallow and used cooking oil, which have a lower carbon score and receive higher tax credits in California. This trend is negatively impacting American farmers and agriculture companies, who are facing competition from foreign imports and a decrease in profits. [Extracted from the article]

Darling Ingredients Inc., a major US producer of renewable diesel, has defended the importation of used cooking oil (UCO) from China as a feedstock for climate-friendly fuels. The influx of Chinese UCO has led to concerns that some imports may not be authentic and could be mixed with fresh vegetable oils, potentially violating US biofuel laws. However, Darling's CEO, Randall Stuewe, argues that Chinese imports are a legitimate source of used cooking oil, given the large number of restaurants in China compared to the US. Stuewe also highlights the low carbon intensity of UCO as a feedstock. Darling Ingredients Inc. is involved in importing used cooking oil and operates in various sectors, including renewable diesel production. The CEO also expresses optimism about the demand for sustainable aviation fuel and the completion of Diamond Green Diesel's first sustainable aviation fuel plant in Texas. [Extracted from the article]

China is increasing its imports of used cooking oil to the US, which is used as an ingredient to make renewable diesel. However, the biofuel industry is concerned that a significant amount of these supplies may be fraudulent and tainted. This is problematic for American farmers and President Joe Biden's efforts to promote climate-friendly energy. The imports of used cooking oil from China have tripled in 2023, with more than 50% coming from China. The European biofuel industry has also expressed similar concerns about cooking oil from China. The US industry groups and biofuel executives are urging the government to tighten scrutiny on these imports. The concern is that potentially tainted imports are benefiting from Biden's renewables incentives at the expense of American farmers. The imports of used cooking oil are priced about a third cheaper than refined soyoil and have a better carbon intensity score. One of the biggest concerns is that China may be adding used cooking oil to fresh palm oil, which is associated with deforestation and labor abuses. The Environmental Protection Agency (EPA) is aware of the increased imports and is discussing the concerns with industry stakeholders. The surge in used cooking oil imports from China is also a top issue for industry groups such as Clean Fuels Alliance America and the National Oilseed Processors Association. The European Union initiated a probe into Asian imports last year but dropped it without providing a reason. The biofuel industry believes that the issue of potentially fraudulent imports is widely known. [Extracted from the article]

China is flooding the US with used cooking oil, which is used to make renewable diesel, but the biofuel industry is concerned that the oil may be tainted. Imports of used cooking oil from China have tripled in 2023, with over 50% of the supplies coming from China. The European biofuel industry has also expressed similar concerns about cooking oil from China. American industry groups and biofuel executives are urging the government to tighten scrutiny on these imports. The imports of potentially tainted cooking oil are benefiting from President Joe Biden's renewables incentives, but at the expense of American farmers. The situation is also jeopardizing expansion plans and profits for agriculture companies. One of the biggest concerns is that China may be adding used cooking oil to fresh palm oil, which is linked to deforestation and labor abuses. The Environmental Protection Agency is aware of the increased imports and is considering the impact on the Renewable Fuel Standard Program. The surge in imports is a top issue for the trade group representing US seed processing industries. Asia, led by China, is the world's biggest supplier of used cooking oil. The European Union initiated a probe into Asian imports last year but dropped it after biodiesel shipments from China's Hainan Island stopped. The biofuel industry believes that the issue of potentially tainted cooking oil is widely known. [Extracted from the article]

Archer-Daniels-Midland Co. (ADM) reported a smaller-than-expected decline in profit for the first quarter of the year. The company's adjusted per-share earnings dropped 30% from the previous year, but still beat analyst estimates. ADM's Ag Services and Oilseeds business was negatively impacted by trade flow stability and slower farmer selling in South America, while soybean crush margins in North America were affected by increased imports of used cooking oil and the anticipation of large supplies from Brazil and Argentina. Despite these challenges, ADM was able to mitigate the impact through lower manufacturing costs and increased volumes. The company's nutrition unit, which is under investigation for an accounting scandal, saw a decline in operating profit. ADM's Chief Financial Officer has agreed to resign effective September 30. [Extracted from the article]

Finnish fuel-maker Neste Oyj is beginning a search for a new CEO as Matti Lehmus steps down after two years in the role. The decision for him to leave was mutual, although no reason was given for his departure. Neste, which produces renewable diesel and sustainable aviation fuel, has seen its shares decline by nearly 50% since Lehmus became CEO in 2022. The company has also been exploring the use of alternative waste materials, such as liquefied plastic waste and pyrolysis oil from discarded tires, in its production processes. [Extracted from the article]

The surge in imports of used cooking oil and other biofuel ingredients in the US is negatively impacting soybean processors, leading to reduced profits and the need to slow down operations. This has resulted in extended plant closures and maintenance periods. The increased competition from alternative feedstocks, such as imported tallow and canola oil, is cannibalizing the market share of soybean oil. This has raised concerns about the future demand for soybean processing capacity. Additionally, the number of renewable diesel plants is growing, further impacting the demand for soyoil. [Extracted from the article]

The collapse of a bridge in Baltimore has the potential to disrupt commodity exports, including coal shipments, from an important East Coast port. Iron ore prices are fluctuating near $100 a ton due to weak Chinese steel demand. The oil-and-gas industry is experiencing a strong start to the year with a significant amount of dealmaking. US farmers are expected to plant 5% less corn this year as they switch to higher-priced soybeans. Additionally, an active hurricane season in the Atlantic could negatively impact commodities, including oil and natural gas production. [Extracted from the article]

US grains trader Scoular Co. is actively seeking acquisitions to drive its growth, taking advantage of the current downturn in the industry. The company aims to increase its earnings by 15% annually and has already acquired 12 grain handling facilities in the past three years. The grain industry is facing challenges due to higher inflation and interest rates, leading to more companies divesting their assets. Scoular is also looking to capitalize on the growing demand for biofuels in the US by converting a sunflower plant into a feedstock for renewable diesel and green jet fuel. [Extracted from the article]

The US's push into green diesel, fueled by the Biden administration's decarbonization plan and subsidies for green energy, poses a threat to Argentina's main export market. The US's increased production of renewable diesel from soybean oil will result in excess soybean meal, which will be shipped overseas and lower prices for animal feed. This is a blow to Argentina's troubled economy and farmers, who already face competition from Brazil. Argentina, which has dominated the meal trade for decades, may shift towards exporting unprocessed beans rather than meal. The US's expansion of crushing capacity and increased competition from Brazil will likely lead to the closure of some Argentina facilities. Argentina's incentive to export meal could be further eroded if the government imposes additional tariff increases. However, there are potential benefits for Argentina, such as increased demand for soybean oil and the devaluation of the peso, which may encourage planting and steady farmer selling. Companies expanding in the US are not abandoning Argentina, and Bunge remains committed to its business there. [Extracted from the article]

Chevron Corp. has expressed concerns about California's climate policies, stating that they are a "dangerous game" that could lead to gasoline price spikes and shortages. The state's high gasoline prices are likely to increase further if policies discouraging petroleum production continue to be enacted. California has tough low-carbon fuel standards that encourage refineries to convert to renewable diesel, reducing gasoline supply and driving up prices. Chevron's relationship with the state has become increasingly adversarial, with tightening regulations impacting profits and triggering a $4 billion write-down of assets. Governor Gavin Newsom's office has accused Big Oil of price gouging and lying about climate change, while Chevron denies the allegations and argues that it should not be punished for meeting consumer demand for transportation fuels. The latest point of contention is a proposal to establish a maximum refining margin in California, which Chevron believes would make growth projects at its refineries unfeasible. California's influence on national policy, particularly on the environment, has historically been significant. The state aims to become net zero by 2045 and has already made progress in reducing CO2 emissions and increasing the use of non-emitting power sources. However, the success in these areas has contributed to high gasoline prices, as refineries convert to produce renewable fuels and reduce overall refining capacity. Chevron warns that these conversions and the state's reliance on fuel imports could lead to reliability issues and potential supply shortages. [Extracted from the article]

The world's first ethanol-to-jet fuel plant has opened in the US, signaling the need for faster decarbonization efforts, according to Iowa corn growers and biofuel producers. LanzaJet Inc. unveiled its $200 million facility in rural Georgia, which will produce 10 million gallons of sustainable aviation fuel (SAF) and renewable diesel per year. The plant will use biofuel made from traditional raw materials like American-grown corn, as well as advanced technologies. The opening has raised concerns among Iowa groups, who warn that farmers and ethanol makers in the state may miss out on the opportunity to profit from the growing SAF market. [Extracted from the article]

The world's first ethanol-to-sustainable jet fuel plant has opened in the US, signaling the need for faster decarbonization efforts, according to Iowa corn growers and biofuel producers. LanzaJet Inc. unveiled its $200 million facility in rural Georgia, which will produce 10 million gallons of sustainable aviation fuel (SAF) and renewable diesel per year. However, Iowa groups have expressed concern that their ethanol plants do not currently meet the low carbon intensity requirements for SAF production, potentially causing them to miss out on the opportunity to profit from the growing market for sustainable aviation fuel. [Extracted from the article]

Swedish refiner Preem AB plans to convert part of its Lysekil refinery into a renewable fuels site, producing sustainable aviation fuel and renewable diesel. The company aims to complete the conversion of a diesel unit by 2027, reducing its oil consumption by 15% compared to current levels. Preem's investment of 5.5 billion Swedish krona ($526 million) will also include a pretreatment plant for feedstocks, allowing the refinery to handle animal fats, used cooking oil, and vegetable oils. The conversion is part of Preem's goal to stop using crude oil in fuel production by 2035 and position Sweden as a major producer of sustainable aviation fuels in Europe. [Extracted from the article]

(Bloomberg) -- Boeing Co., Archer-Daniels-Midland Co., Delta Air Lines Inc. and other companies are urging Treasury Secretary Janet Yellen to back tax policy they say is needed to build a thriving US industry for green jet fuel. Their letter to Yellen Wednesday, signed by about 70 companies, is the latest salvo in a lobbying fight over how to monitor carbon dioxide emissions across the supply chain for sustainable aviation fuel, or SAF. [Extracted from the article]

America's soy meal, which is created along with oil during crushing of whole soybeans, is forecast to reach exports of 13.9 million tons in the 2023-24 season, the US Department of Agriculture said Monday. Higher global demand for US meal comes as drought in Argentina, typically the world's biggest soy meal exporter, has slashed the South American country's supplies available for shipment. [Extracted from the article]

(Bloomberg) -- Louis Dreyfus Co., one of the world's biggest agricultural traders, said it's building a soybean processing plant in Ohio to boost production of the vegetable oil that's been increasingly in demand both for cooking and fuel. Construction of the plant in Upper Sandusky is set to begin next year, with an annual processing capacity of 1.5 million metric tons of soybeans, according to a Friday statement from the company. [Extracted from the article]

(Bloomberg) -- Mubadala Capital, the investment arm of Abu Dhabi's sovereign wealth fund, is bullish on Brazil's growth prospects under President Luiz Inacio Lula da Silva and plans to invest more than $1 billion a year to expand its holdings in the country that range from an oil refinery to a toll road. Mubadala Capital and Petrobras recently signed an agreement to look into a biofuels unit at the Mataripe refinery for renewable diesel and aviation fuel, which could become one of the biggest renewable fuel producers on the planet, Fahlgren said. The firm just closed a second Brazil-specific fund with more than $710 million, more than double its first fund, and it should start raising capital for an even larger fund in 2024, Fahlgren said. [Extracted from the article]

(Bloomberg) -- Sweden's Preem AB will curb the use of crude oil at the bigger of its two refineries from 2024, when it completes the revamp of a production unit. Preem, which operates two refineries in Sweden, plans to all but eliminate crude oil from its processes by 2035. [Extracted from the article]

Eni's Africa Biofuel Feedstock Plan to Cost €700 Million Initially much of the feedstock Eni needs will come from Italy and the US, but ultimately a greater portion is expected to come from Africa and parts of Asia, Brusco said. (Bloomberg) -- Eni SpA's plan to set up plants to source approximately 700,000 tons of biofuel feedstock from Africa by 2026 will cost as much as €700 million ($735 million), according to a senior company official. [Extracted from the article]

(Bloomberg) -- Hong Kong and China Gas Co., part of billionaire Lee Shau Kee's business empire, is accelerating an expansion of biofuel firm EcoCeres Inc. in foreign markets on bets the global decarbonization push will boost demand for sustainable aviation fuel. Greener fuels are also much more expensive than regular jet fuel, while a shortage of manufacturers means demand far exceeds supply, Chan said. [Extracted from the article]

Read More: Lula Enlists Neighbors in Brazil's Battle to Save the Amazon Developing nations in the Southern Hemisphere will feed the developed world with clean energy, which will leverage these countries' position in global trade, according to Silveira. (Bloomberg) -- Brazil is calling on wealthy nations to pay for the world's transition to sustainable energy as these countries need bolder commitments to make up for their reliance on polluting power sources. [Extracted from the article]

Chevron already imports some biofuel feedstocks from the region, but Lucke said he sees the opportunity to import more materials such as used cooking oil, animal fat and distillers corn oil, which is derived from production of corn-based ethanol. (Bloomberg) -- Chevron Corp. is planning to source feedstocks including animal fat from Latin America to feed its US renewable diesel plans, according to the oil giant's renewable energy head. Lucke said he believes the US "will continue to back down" from exporting soybeans - another key feedstock - due to increasing domestic demand. [Extracted from the article]

(Bloomberg) -- Chevron Corp. is planning to source feedstocks including animal fat from Latin America to feed its US renewable diesel plans, according to the oil giant's renewable energy head. Chevron already imports some biofuel feedstocks from the region, but Lucke said he sees the opportunity to import more materials such as used cooking oil, animal fat and distillers corn oil, which is derived from production of corn-based ethanol. [Extracted from the article]

Russia's war in Ukraine and adverse weather for crops around the world has kept prices of agricultural goods high, favoring commodity traders including Cargill. (Bloomberg) -- Cargill Inc., the world's biggest crop trader, extended its streak of record annual revenue for its second straight year, helped by strong prices in its grains business. [Extracted from the article]

(Bloomberg) -- The Biden administration on Friday rejected more than two dozen oil refinery requests for exemptions from US biofuel-blending requirements. Although the RFS authorizes waivers for some small refineries that can show they've suffered an economic hardship under the biofuel mandate, a federal court has held that the exemptions may only be granted when those financial woes are caused by compliance to the rules. [Extracted from the article]

(Bloomberg) -- The world's largest fertilizer company has agreed to distribute a new soybean variety that promises to soak up more carbon while yielding more of the vegetable oil and protein needed to meet demand for green diesel, chicken feed and veggie burgers. The collaboration with Nutrien is ZeaKal's latest step to bring to market its PhotoSeed trait technology, which allows plants to sustain photosynthesis for longer. [Extracted from the article]