Camber Energy to buy renewable diesel plant in Nevada

Viking Global Technologies

23/01/2023 15:06

Jan 23 (Reuters) - Oil and gas company Camber Energy Inc
 CEI.A  said on Monday it was buying a renewable diesel facility
located near Reno, Nevada.
    Camber said the purchase price is expected to be $750
million on buying all of the membership interests from the
companies that own the plant and are in the process of bringing
it into commercial operations.
    Renewable diesel is about 50-55% less carbon-intensive than
traditional motor fuel.
    Shares of Camber Energy rose 6.1% to $1.91 in morning trade.
    The production capacity of the plant is estimated to be 43
million gallons per year, once operational, Camber said in a
statement.
 (Reporting by Arunima Kumar in Bengaluru; Editing by Shweta
Agarwal)
 ((Arunima.Kumar@thomsonreuters.com; Twitter: https://twitter.com/Aru_Kumar94
 ;))