Chevron U.S.A. announced it has signed an agreement to acquire full ownership of B6 and its network of 55 natural gas stations. This is compressed natural gas throughout the United States currently owned by a subsidiary of Mercuria Energy Trading.
A strategic agreement
Chevron U.S.A.complements its portfolio with new offerings that help customers support a low-carbon future. Indeed, renewable natural gas is an essential part of the company’s portfolio of solutions. Through its collaborations with Brightmark and California Bioenergy, Chevron U.S.A. is developing projects across the United States.
These projects aim to convert fugitive methane emissions from dairies. Thus these emissions are returned to beneficial use as a renewable natural gas. Andy Walz, president of Chevron Americas Products, says:
“Chevron has seen strong demand for our compressed natural gas renewable gas offering from new and existing customers. Because of its negative carbon attribute and the ability of fleet operators to efficiently retrofit vehicles to compressed natural gas, renewable natural gas can be a low-carbon solution for fleets looking to reduce their lifecycle greenhouse gas emissions.”
An expanding sector
With this acquisition, Chevron can market renewable natural gas. In fact, the gas is the result of the production or purchase via a national network of compressed natural gas locations. Brian A. Falik, Mercuria’s Chief Investment Officer, states:
“B6 represents a leading operator in building a renewable natural gas network, and Mercuria is pleased to help the company transition from a stand-alone business to one that can contribute to Chevron’s growth. The partnership with Chevron has been a great success, and we look forward to helping them deliver renewable fuel solutions to their customers.”
Mercuria and Chevron U.S.A. to conclude a long-term supply relationship. This will involve delivering renewable natural gas to Chevron as part of the transaction. Finally, the transaction is subject to the usual closing conditions.
