Phillips 66 has made a final investment decision on the Rodeo Renewed project to convert its San Francisco Refinery in Rodeo, California, US, into a renewable fuels facility.

Upon the completion of the conversion, the new facility would be one of the largest renewable fuel facilities in the world.

Estimated to cost around $850m, the project is planned to start commercial operations in the first quarter of 2024.

Phillips 66 chairman and CEO Greg Garland said: “Rodeo Renewed stands to play a major role in helping us lower our carbon footprint as we continue to provide reliable, affordable energy.

“This is a project that will help meet the growing demand for lower-carbon fuels, preserve jobs and support California in achieving its climate goals. It is a great example of how Phillips 66 is making meaningful investments in a sustainable energy future that can create long-term value for our shareholders.”

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By GlobalData

The Rodeo Renewed project will include the construction of pre-treatment units, as well as repurpose the existing hydrocracking units to enable renewable fuel production.

The converted facility will have the capacity to refine waste oils, greases, fats, and vegetable oils to produce renewable transportation fuels, including renewable gasoline and diesel, as well as sustainable aviation fuel.

Expected to have an initial annual production capacity of 800 million gallons, the renewable fuels facility is anticipated to create 500 construction jobs and more than 650 jobs once operational.