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Vitol enters, ExxonMobil exits Bakersfield renewable fuels plant

The developer of the renewable diesel and naptha refinery has settled with ExxonMobil and brought in Vitol as a new partner.

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.

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