Par Pacific closes $100M deal to build largest renewable fuels facility in Hawai’i

Core Insights - Par Pacific has entered a joint venture with Mitsubishi Corp. and Eneos to produce renewable fuels at its Kapolei refinery, acquiring a 36.5% equity stake for $100 million [3][4] - The new facility is expected to produce approximately 61 million gallons per year of renewable diesel, sustainable aviation fuel, renewable naphtha, and low carbon liquefied petroleum gases, with completion anticipated by the end of 2025 [6] - Par Pacific's retail operations have seen significant growth, with a nearly $10 million increase in operating income for fiscal 2024 and over 20% year-over-year gains in the second quarter [4][5] Company Developments - The joint venture, named Alohi Renewable Energy, LLC, will allow Par Pacific to lead operations while retaining the majority interest [3] - The initiative aims to reduce greenhouse gas emissions and provide reliable fuels to consumers in Hawaii [4] - Par Pacific operates around 89 convenience store locations in Hawaii and approximately 30 more in Idaho and Washington, under various banners [4] Financial Performance - The retail division's success is attributed to strong fuel margins and reduced operating costs [5] - The company has positioned itself as a notable player in the convenience store industry, with its retail arm being recognized as a quieter success story [6]