6 September 2016
DETAILS
has agreed to acquire
an innovative renewable fuels and chemicals company,
to support Virent's success
in bringing biofuels technology to commercial scale.
Tesoro's renewable fuels strategy is to foster
the development of high-quality, lower-carbon,
renewable feedstocks and blendstocks
that can either be co-processed
in existing refineries or blended seamlessly
with traditional fuels.
Tesoro believes it is important
to commercialize new technologies
that meet stakeholder expectations
and regulatory requirements
by producing renewable fuels
that do not compromise product quality.
By generating valuable credits, this approach
may also lower Tesoro's compliance costs
with the federal renewable fuel standard
and California's low carbon fuel standard.
Virent's BioForming® technology
can convert sugars and
other biomass derived feedstocks
into renewable gasoline blendstocks and aromatics,
which are fully compatible with
the nation's existing fuel infrastructure
and current vehicle warranties.
Virent's aromatics product can also be used
for renewable chemicals,
most notably para-xylene,
a key component in polyester.
Tesoro Contacts:
Investors:
Sam Ramraj,
Vice President,
Investor Relations,
(210) 626-4757
Media:
Tesoro Media Relations,
media@tsocorp.com,
(210) 626-7702
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