Chevron Renewable Energy Group closes German biodiesel plant

Chevron Renewable Energy Group has closed its 23 million gallon-a-year biodiesel plant in Oeding, Germany, a company spokesman said Monday.

“The employees have been placed on reduced working hours, which means they continue to receive their salaries and reduced compensation,” a spokesperson for the OPIS agency told the publication.

“I’m not sure if we have anything similar in the United States, but local law supports this type of arrangement,” he added. “The Oeding Works Council has agreed to Chevron’s intention to start working on reduced hours on August 1.”

The decision was made in response to tough margin conditions, according to a spokesperson, “primarily caused by alleged dumping of Chinese biodiesel flooding the market.”

Renewable Energy Group announced plans in 2022 to install a pre-processing plant that would enable it to refine low-emission waste fats and oils for its two biodiesel plants in the country. The plans called for the plant in the North Sea port city of Emden to feed the company’s production plants in Emden and Oeding.

This content was created by the Oil Price Information Service, operated by Dow Jones & Co. OPIs is operated independently of Dow Jones Newswires and The Wall Street Journal.

–Reporting: Michael Schneider, [email protected]; Editing: Jordan Godwin, [email protected]

(END) Dow Jones Newswires

07-15-24 1636ET