Core Viewpoint - Par Pacific Holdings has successfully closed a joint venture to construct a renewable fuels facility in Hawaii, marking a significant step in its renewable energy initiatives [1][2]. Company Overview - Par Pacific Holdings, Inc. is headquartered in Houston, Texas, and operates in the energy sector, providing both renewable and conventional fuels to the western United States [3]. - The company has a refining capacity of 219,000 barrels per day across four locations and an extensive energy infrastructure network, including 13 million barrels of storage [3]. - Par Pacific also operates retail brands in Hawaii and the Pacific Northwest and holds a 46% stake in Laramie Energy, LLC, a natural gas production company [3]. Renewable Fuels Facility - The Renewable Fuels Facility is expected to be the largest in Hawaii, with a production capacity of approximately 61 million gallons per year of renewable diesel, sustainable aviation fuel, renewable naphtha, and low carbon liquefied petroleum gases [2]. - The facility is anticipated to be completed by the end of the year [2]. Joint Venture Details - Mitsubishi Corporation and ENEOS Corporation acquired a 36.5% equity stake in Hawaii Renewables for $100 million, while Par Pacific retains the remaining interest [1]. - Par Pacific will complete and operate the Renewable Fuels Facility through its affiliate, Par Hawaii Refining, LLC [1].

Core Viewpoint - Par Pacific Holdings, Mitsubishi Corporation, and ENEOS Corporation have established a joint venture named Hawaii Renewables to produce renewable fuels at Par Pacific's refinery in Kapolei, Hawaii, with Mitsubishi and ENEOS acquiring a 36.5% stake for $100 million [1][2][4]. Group 1: Joint Venture Details - Hawaii Renewables will utilize Par Pacific's existing refining and logistics infrastructure and advanced pretreatment technology from Lutros, LLC, with construction underway and expected completion by the end of the year [2][3]. - The facility will be the largest renewable fuels manufacturing site in Hawaii, projected to produce approximately 61 million gallons per year of renewable diesel, sustainable aviation fuel, renewable naphtha, and low carbon liquefied petroleum gases [2][3]. Group 2: Production and Environmental Impact - The facility is designed to produce up to 60% sustainable aviation fuel as an initial step towards decarbonizing Hawaii's air travel market, with the capability to process various feedstocks and adjust yields based on market conditions [3]. - The renewable fuels produced will help reduce greenhouse gas emissions while ensuring a reliable supply of transportation and utility fuels for Hawaii consumers [3]. Group 3: Strategic Partnership Benefits - The partnership combines Par Pacific's West Coast and Pacific asset base with Mitsubishi's global business capabilities, including access to its Petro-Diamond Inc. Terminal in Long Beach, California, and expertise in global feedstock procurement [4]. - ENEOS will enhance the partnership by leveraging its experience in fuel refining and trading across Asia-Pacific and North America, contributing to the initiative's success [4][5]. Group 4: Company Backgrounds - Par Pacific Holdings operates 219,000 barrels per day of refining capacity across four locations and has an extensive energy infrastructure network, including 13 million barrels of storage [6]. - Mitsubishi Corporation is a global integrated business enterprise with operations across various industries, including Environmental Energy and Power Solution [7][8]. - ENEOS Corporation is Japan's leading energy company, focusing on refining and marketing petroleum products while aiming for a carbon-neutral society through energy transition [9].