U.S. oil refiner Phillips 66 and grain trader Archer-Daniels-Midland are discussing a biofuels joint venture with an aim toward producing lower-carbon jet fuel, three people familiar with the matter said. The two companies are discussing putting ADM's dry corn mill operations into a venture that would convert grain-based alcohol to jet fuel, the people said. ADM, an ethanol pioneer and for years the top U.S. producer, has sought to downscale its role in the business in recent years without costly refinery upgrades.
The two companies are discussing putting ADM's dry corn mill operations into a venture that would convert grain-based alcohol to jet fuel, the people said.
ADM, an ethanol pioneer and for years the top U.S. producer, has sought to downscale its role in the business in recent years. It put the dry corn mills up for sale in 2016 and, after failing to find a buyer, spun off the assets into a wholly-owned subsidiary called Vantage Corn Processors. ADM sold its Peoria, Illinois, dry mill in 2021.
Meanwhile, Houston-based Phillips next year plans to start making renewable fuels at a Rodeo, California refinery converted from crude oil to processing fats, used cooking oils and soybean oils into 50,000 barrels per day of renewable diesel, gasoline and jet fuel. Several U.S. states, led by California, have set up low-carbon fuel markets that reward fuel producers for developing motor fuels that emit less carbon. They can earn credits for producing fuels with lower carbon intensity compared with refining crude oil.
Phillips declined to make an executive available for comment and both ADM and Phillips 66 declined to comment. Potential value of the deal could not be immediately learned.Axens SA, which provides technology to convert oil and biomass to lower-carbon fuels, in May agreed to provide its ethanol-to-fuels conversion technology to Phillips, ADM or a joint venture.
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