---
schema_version: "secwatch.filing_event.v1"
accession: "0001140361-23-008243"
form_type: "8-K"
ticker: "PBF"
cik: "0001534504"
company_name: "PBF Energy Inc."
filed_at: "2023-02-23T23:59:59+00:00"
generated_at: "2026-06-19T02:33:59.396622+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001140361-23-008243
- form_type: 8-K
- ticker: PBF
- cik: 0001534504
- company_name: PBF Energy Inc.
- filed_at: 2023-02-23T23:59:59+00:00
- event_type: m_and_a
- sentiment: positive
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 1.01, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1534504/000114036123008243/0001140361-23-008243-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1534504/000114036123008243/brhc10048522_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001140361-23-008243
- JSON: https://secwatch.observer/filing/0001140361-23-008243.json
- Plain text: https://secwatch.observer/filing/0001140361-23-008243.txt

## Key facts
- Material Agreements
  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
  source text: 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”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/1534504/000114036123008243/0001140361-23-008243-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.