Imperial Oil To Invest $560Mln In Сanada's Largest Renewable Diesel Facility

Canada's second biggest oil company Imperial Oil announced on Thursday it will invest C$720 million in the largest renewable diesel facility in the country

WASHINGTON (UrduPoint News / Sputnik - 26th January, 2023) Canada's second biggest oil company Imperial Oil announced on Thursday it will invest C$720 million in the largest renewable diesel facility in the country.

"Imperial (TSE: IMO, NYSE American: IMO) said today it will further help Canada achieve its net zero goals by investing about $720 million (USD $560 million) to move forward with construction of the largest renewable diesel facility in the country," the company said in a statement.

The investment will be made in Imperial's Strathcona refinery located near Edmonton, Province of Alberta.

Production at the Strathcona refinery is expected to surpass 1 billion litres of renewable diesel per annum, the statement said, adding it will mainly use local feedstocks.

Such investment will help reduce the annual greenhouse gas emissions in Canada's transport sector by around 3 million metrics tonnes,� Imperial Oil said.

Strathcona refinery will use low-carbon hydrogen produced with carbon capture and storage technology, which combined with bio feedstock will result in "premium" lower-emission diesel fuel.

The company said it still requires regulatory approval, but expects to receive it in the near term, with the facility's operations scheduled to begin in 2025.

Imperial Oil Ltd is primarily owned by American giant ExxonMobil, which holds 69.6% ownership stake in the company.