PBF Energy and Eni form 50-50 JV for St. Bernard biorefinery; Eni to contribute up to $885M

PBF Energy Inc.

Eni contributes $835M plus up to $50M milestone-based; PBF contributes biorefinery assets.
Biorefinery capacity: 1.1M tonnes/yr raw materials, 306M gal/yr HVO diesel.
Startup scheduled H1 2023; transaction expected to close Q2/Q3 2023.
JV will use Ecofining technology developed by Eni and Honeywell UOP.
PBF will manage project execution and serve as operator post-construction.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

PBF Energy Inc. entered into Subscription Agreement with Eni Sustainable Mobility, a subsidiary of Eni S.p.A. valued at $835 million plus up to an additional $50 million (effective 2023-02-16).

Action: entry
Agreement: equity purchase
Counterparty: Eni Sustainable Mobility, a subsidiary of Eni S.p.A.
Value: $835 million plus up to an additional $50 million
Effective: 2023-02-16

Exact text from the filing

On February 16, 2023 (the “Execution Date”), PBF Energy Company LLC (“PBF LLC”), a subsidiary of PBF Energy Inc. (“PBF Energy” and collectively with its consolidated subsidiaries including PBF Holding, the “Company”), entered into a definitive Subscription Agreement (the “Subscription Agreement”) with Eni Sustainable Mobility, a subsidiary of Eni S.p.A. (“Eni Sustainable Mobility”), pursuant to which the Company and Eni will partner in a 50-50 joint venture, St. Bernard Renewables LLC (“SBR”).

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PBF Energy Inc. filing history →

Source: SEC EDGAR

accession 0001140361-23-008243

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