Chevron in JV to acquire US retail CNG network
US major Chevron said September 9 it had formed a joint venture with Mercuria Energy Trading to acquire and operate American Natural Gas (ANG) and its network of 60 compressed natural gas (CNG) stations across the US.
Chevron is building a large-scale, vertically-integrated renewable natural gas (RNG) business in the US, and through recent partnerships with Brightmark and California Bioenergy is developing projects to produce RNG from dairy digesters across the country.
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The joint venture with Mercuria will allow Chevron to rapidly grow its RNG value chain, building on a commitment earlier this year to open more than 30 Chevron-branded CNG stations by 2025. Its first, in Napa, California, was opened in June.
“Chevron is committed to producing a tenfold increase in renewable natural gas volumes by 2025 compared to 2020 as part of our higher returns, lower carbon strategy,” said Andy Walz, Chevron’s president of Americas Fuels & Lubricants. “This acquisition will advance our renewable natural gas business in support of customers who want to reduce their carbon footprint.”
The transaction to acquire ANG is subject to customary closing conditions.