US: Tesoro to acquire Virent
Independent refiner Tesoro Corporation has agreed to acquire biofuel company Virent in line with its plans to commercialize high quality renewable fuels and chemicals.
The acquisition, expected to be completed by the end of September, includes Virent’s facilities, partnership agreements, licenses, and intellectual property portfolio.
Virent is known for its patented technology BioForming, which enables conversion of plant-based materials into renewable gasoline.
"With this acquisition, Tesoro intends to foster more rapid commercialization of Virent's renewables technology, which could uniquely position the Company with an improved means of future regulatory compliance, as well as potential licensing opportunities," said CJ Warner, Executive Vice President of Operations at Tesoro, in a company release.
“The Tesoro announcement is a critical milestone for Virent to establish a pathway to commercialization with a recognized leader in refining, marketing and logistics,” said Lee Edwards, CEO at Virent.
Tesoro operates seven refineries in the western United States, a logistics business, and more than 2,400 retail stations under the ARCO, Shell, Exxon, Mobil, USA Gasoline, Rebel and Tesoro brands.
