Global Clean Energy Holdings, the developer of a troubled refinery conversion project in Bakersfield, CA, has reached an agreement with Vitol for the Swiss trader to become feedstock provider, offtaker, and lender to the project, according to a filing with the SEC.
Meanwhile, ExxonMobil, the previous provider of feedstock and anticipated offtaker of naptha and renewable diesel from the project, will exit following a settlement payment. The oil giant had lodged a complaint with the Delaware Chancery Court last year accusing the developer of misconduct and mismanagement.
