Biofuels firm S.G. Preston Co. is interested in buying Philadelphia Energy Solutions LLC's refinery and converting a portion of the plant to produce renewable diesel, marine diesel and jet fuels, according to an Aug. 22 report from Reuters, citing unnamed sources. The refinery is the largest and oldest on the East Coast.
Sources told Reuters that fats, oils and grease from surrounding communities will be used as raw material for the fuels.
Philadelphia Energy Solutions' owners ceased production at the 335,000 barrel per day refinery and put it up for sale after a fire damaged a gasoline producing unit in June. The company then filed for bankruptcy protection a month after the fire.
S.G. Preston representatives met with local trade groups, union officials and members of the city's economic development agency to talk about the proposal, sources told Reuters.
