Imperial Oil expects 'double-digit' returns from renewable diesel facility

CALGARY — Imperial Oil Ltd. expects "double-digit returns" from its $720-million investment to build what will be Canada's largest renewable diesel manufacturing facility at its Strathcona refinery, the oil giant said Tuesday.

But executives told analysts on the company's fourth-quarter earnings call Tuesday that the project will also be a money-maker in its own right. The comments come as Imperial celebrated a fourth-quarter profit that more than doubled compared with a year earlier, helped by a strong operating performance across all of its business.The company said it earned $1.73 billion or $2.86 per diluted share for the quarter, up from $813 million or $1.18 per diluted share a year earlier.

"We are closing the books on what was the best year in the company's history, a stark contrast to the challenges we faced just two years ago at the depths of COVID," Corson said. The company said it aims to achieve this through "collaboration with government and other industry partners, successful technology development and deployment and supportive fiscal and regulatory frameworks."

Corson said Pathways can't make a final investment decision on that project until the federal government commits to a level of financial support that would put Canadian carbon capture projects on equal footing with those in the U.S., where they benefit from government incentives in that country's Inflation Reduction Act.

Source: News Formal (newsformal.com)

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