This file photo shows the Imperial Oil logo at the company's annual meeting in Calgary on April 28, 2017.
Imperial Oil Ltd. provided an update on what will be Canada's largest renewable diesel facility, saying construction of the complex near Edmonton is going well and should be completed sometime next spring.Imperial chairman and CEO Brad Corson told analysts on a conference call Friday that the company continues to feel good about its decision to move forward with its renewable diesel project. Imperial Oil Ltd.
Imperial chairman and CEO Brad Corson told analysts on a conference call Friday that the company continues to feel good about its decision to move forward with the project, in spite of the fact that a recent glut of renewable fuel supply south of the border is hurting margins for producers of the product in the U.S.
That makes it an attractive proposition for fuel refiners in the face of climate-driven regulations such as Canada's clean fuel standard, which requires liquid fuel suppliers to gradually reduce the carbon intensity of the fuels they produce and sell in Canada. The first stand-alone renewable diesel complex in Canada, constructed by Tidewater Renewables in Prince George, B.C., was completed last year, and there are a handful of other proposed projects across the country.
Corson told analysts Friday that the challenges facing the U.S. renewable diesel market are not issues for Imperial. "All of those things together put us in a different, but much better, place than what you might see in the U.S."
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