World energy to invest $350M in refinery conversion

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In California, World Energy is investing $350 million over the next two years to complete the conversion of its Paramount, California facility into one of the cleanest fuel refineries in the world, according to their press release. The project will enable World Energy Paramount to process 306 million gallons annually. The conversion to renewable jet, diesel, gasoline and propane will reduce both refinery and fuel emissions while supporting more than 100 advanced, green economy jobs.

Gene Gebolys, Chief Executive Officer of Boston based World Energy Paramount said, “Today, we are making significant investments in California that will allow us to create more local construction and full-time jobs. This facility is a direct and tangible result of environmental policies passed by the California State Legislature.”

“This project will transform the Paramount facility into California’s most important hub for the production and blending of advanced renewable fuels,” said Bryan Sherbacow, Chief Commercial Officer of World Energy. “Importantly, with 150 million gallons of annual renewable jet production capacity, World Energy will be able to help the commercial aviation industry combat its greenhouse gas emissions.”