bunge chevron ag renewables to build new oilseed processing plant in destrehan, louisiana

St. Louis, MO/ SAN RAMON, Calif./ – March 4, 2024 – Bunge (NYSE:BG) and Chevron (NYSE: CVX) today announced approval of a final investment decision for their joint venture Bunge Chevron Ag Renewables LLC to build a new oilseed processing plant adjacent to its existing processing facility located on the Gulf Coast in Destrehan, LA. The announcement was celebrated with a groundbreaking event at the site.

The plant features a flexible design, intended to allow it to process soybeans as well as softseeds, including novel winter oilseed crops, such as winter canola and CoverCress, among others. Expected to be operational in 2026, the processing facility aims to add scale and efficiencies to Bunge Chevron Ag Renewables, that will allow the company to better meet the increased market demand for renewable fuel feedstocks. The plant is also intended to support the growing feed and protein markets through the production of meal products.

“This new facility is another step in our long-term strategy to improve our capabilities at scale for the renewable fuels market and to reduce the carbon intensity of our own and our customers' value chains,” said Luciano Salvatierra, Bunge’s Senior Vice-President, Renewable Fuels.

The expansion is expected to create more than 150 construction jobs and add 30 new jobs when the plant is operational.

“Having greater ability to process softseeds, including novel winter oilseed crops, will help advance our innovation in the feedstock space and meet the growing demand for renewable fuels,” said Stacey Orlandi, director, Manufacturing, Chevron Renewable Energy Group. “Investments like this one help support farmers and consumers while reducing the lifecycle carbon intensity for transportation fuels.”

Bunge Chevron Ag Renewables is focused on developing renewable fuel feedstocks leveraging Bunge’s expertise in oilseed processing and farmer relationships and Chevron’s expertise in renewable fuels production and marketing. Under the joint venture agreement, Bunge operates the JV’s processing plants in Destrehan and Cairo, Ill.; Chevron has purchase rights for the oil to use as feedstock to manufacture transportation fuels with lower lifecycle carbon intensity.

About Bunge
At Bunge (NYSE: BG), our purpose is to connect farmers to consumers to deliver essential food, feed and fuel to the world. With more than two centuries of experience, unmatched global scale and deeply rooted relationships, we work to strengthen global food security, increase sustainability where we operate, and help communities prosper. As the world’s leader in oilseed processing and a leading producer and supplier of specialty plant-based oils and fats, we value our partnerships with farmers to bring quality products from where they’re grown to where they’re consumed. At the same time, we collaborate with our customers to develop tailored and innovative solutions to meet evolving dietary needs and trends in every part of the world. Our Company has its registered office in Geneva, Switzerland and its corporate headquarters in St. Louis, Missouri. We have approximately 23,000 dedicated employees working across approximately 300 facilities located in more than 40 countries.

About Chevron
Chevron is one of the world’s leading integrated energy companies. We believe affordable, reliable and ever-cleaner energy is essential to enabling human progress. Chevron produces crude oil and natural gas; manufactures transportation fuels, lubricants, petrochemicals and additives; and develops technologies that enhance our business and the industry. We aim to grow our oil and gas business, lower the carbon intensity of our operations and grow lower carbon businesses in renewable fuels, carbon capture and offsets, hydrogen and other emerging technologies. More information about Chevron is available at www.chevron.com.

Website Information
We routinely post important information for investors on our website, www.bunge.com, in the "Investors" section. We may use this website as a means of disclosing material, non-public information and for complying with our disclosure obligations under Regulation FD. Accordingly, investors should monitor the Investors section of our website, in addition to following our press releases, SEC filings, public conference calls, presentations and webcasts. The information contained on, or that may be accessed through, our website is not incorporated by reference into, and is not a part of, this document.

 

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