CHEVRON CORPORATION Chevron Renewable Energy Group has idled its 23-million-gallon/year biodiesel plant in Oeding, Germany, a company spokesman said Monday.
"The workforce has been put on short-time work, which means they remain on payroll and receive reduced compensation," the spokesman told OPIS.
"I'm not sure we have a similar thing here in the U.S., but local law supports this sort of solution," he added. "The Oeding Works Council has given its approval of Chevron's intent to start short-time work on Aug. 1."
The decision was made in response to a challenging margin environment, according to the spokesman, "primarily caused by alleged dumping of Chinese biodiesel flooding the market."
Renewable Energy Group in 2022 announced plans to install a pretreatment facility that would allow it to refine low-carbon-intensity waste fats and oils for its two biodiesel plants in the country. Plans called for the facility, in the North Sea port city of Emden, to feed the company's biodiesel production plants in Emden and Oeding.
This content was created by Oil Price Information Service, which is operated by Dow Jones & Co. OPIS is run independently from Dow Jones Newswires and The Wall Street Journal.
--Reporting by Michael Schneider, mschneider@opisnet.com ; Editing by Jordan Godwin, jgodwin@opisnet.com
(END) Dow Jones Newswires
07-15-24 1636ET
