#United States #Hawaii #ENEOS #Mitsubishi Corporation #Par Pacific

Major Renewable Fuel Initiative in Hawaii

In a landmark move for sustainable energy, Mitsubishi Corporation and ENEOS have announced their joint investment in Par Pacific Holdings, Inc., targeting the production and distribution of Renewable Fuel at the Kapolei refinery located in Hawaii. The partnership involves an investment of approximately ¥15 billion, which constitutes a 36.5% stake in the newly formed joint venture, Hawaii Renewables, LLC.

Background of the Kapolei Refinery

The Kapolei refinery stands as the only oil refinery in Hawaii. Utilizing the existing infrastructure and logistics of this facility, the two companies aim to commence production of Renewable Fuel within this year. The project is set to enable the production of approximately 150,000 kiloliters of Sustainable Aviation Fuel (SAF) annually, while also allowing for flexible adjustments in the production ratios of SAF, Renewable Diesel (RD), and Renewable Naphtha, based on market demand.

Growing Demand for Sustainable Aviation Fuel

The demand for SAF is expected to grow steadily due to the implementation of CORSIA (Carbon Offsetting and Reduction Scheme for International Aviation) by the International Civil Aviation Organization. Hawaii, being a region with stable long-term aviation demand, presents a promising market for SAF.

Leveraging Strengths for a Carbon-Neutral Future

This initiative merges the operational expertise of Par Pacific in refinery management and logistics on the U.S. West Coast, with Mitsubishi Corporation's global network in raw material procurement and fuel marketing, including RD sales through its subsidiary, Petro-Diamond Inc. Meanwhile, ENEOS brings its extensive experience in oil refinement, sales, and biofuel marketing, contributing to a collaborative effort towards achieving a carbon-neutral society.

Overview of Par Pacific Holdings

Par Pacific Holdings, Inc. is an energy company headquartered in Houston, Texas, specializing in supplying renewable fuels and petroleum refining products, primarily across the Northwestern United States. The company operates four refineries with an overall capacity of 219,000 barrels per day and possesses substantial energy infrastructure, including crude oil storage facilities totaling 13 million barrels, as well as various transportation means such as shipping, rail, and pipelines. Additionally, it operates gas stations under the Hele brand in Hawaii and convenience stores under the nomnom brand in the Northwestern U.S. For more details, visit www.parpacific.com.

About Mitsubishi Corporation

Mitsubishi Corporation operates under a diversified business framework, encompassing eight groups focused on various sectors, including global environmental energy, material solutions, metal resources, social infrastructure, mobility, food industry, smart-life creation, and power solutions. The company is committed to sustaining various industries through innovative solutions.

About ENEOS

ENEOS is dedicated to balancing the stable supply of energy and materials with the realization of a carbon-neutral society. As part of its long-term vision, the company is actively constructing a domestic supply chain for SAF through its manufacturing site in Wakayama. ENEOS is also pushing for biofuel initiatives in collaboration with partners worldwide, underlining its commitment to sustainable practices.