(Reuters) — Imperial Oil Ltd., one of Canada’s biggest oil producers and refiners, plans to process vegetable oil into renewable diesel at its 191,000-barrel-per-day Strathcona Refinery near Edmonton.
The project, which still requires final approval, is part of majority-owner Exxon Mobil’s goal of producing more than 40,000 barrels per day of low-emissions fuel by 2025.
Calgary-based Imperial aims by 2024 to construct a hydrotreater and use fossil fuel-derived blue hydrogen to process feedstocks such as canola and soybean oil into 20,000 barrels per day of renewable diesel, it said.
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A decision to proceed will require government support and approvals, favourable market conditions and a determination of the project’s economic competitiveness, an official said.
Canada’s Clean Fuel Standard, which takes effect next year, is intended to spur investment in clean-energy technology and create a trading scheme that enables fuel suppliers that do not meet emissions reduction targets to buy credits generated from cleaner fuel producers.
“It enables faster and deeper decarbonization with a market driver so technologies can be developed more effectively,” said Andy Madden, vice-president of strategy and planning for Exxon.
