Par Pacific, Mitsubishi, and ENEOS to Establish Joint Venture for Renewable Fuels in Hawaii
Par Pacific Holdings (NYSE:PARR) has announced a strategic joint venture called Hawaii Renewables, LLC with Mitsubishi Corporation and ENEOS Corporation. The partnership involves Mitsubishi and ENEOS forming Alohi Renewable Energy, LLC, which will acquire a 36.5% equity stake for $100 million, while Par Pacific retains the remaining interest.
The facility, currently under construction in Kapolei Hawaii, will be the state's largest renewable fuels manufacturing facility, expected to produce 61 million gallons annually of renewable diesel, sustainable aviation fuel (SAF), renewable naphtha, and low carbon LPG. The plant can produce up to 60% SAF and is designed with flexibility to adjust production based on market conditions.
The joint venture leverages Par Pacific's existing infrastructure, Lutros LLC's pretreatment technology, and combines expertise in feedstock procurement, commercial optimization, and market access across the Pacific Basin.
Par Pacific Holdings (NYSE:PARR) ha annunciato una joint venture strategica denominata Hawaii Renewables, LLC in collaborazione con Mitsubishi Corporation ed ENEOS Corporation. La partnership prevede che Mitsubishi ed ENEOS costituiscano Alohi Renewable Energy, LLC, che acquisirà una quota azionaria del 36,5% per 100 milioni di dollari, mentre Par Pacific manterrà la restante partecipazione.
La struttura, attualmente in costruzione a Kapolei, Hawaii, sarà il più grande impianto dello stato per la produzione di carburanti rinnovabili, con una capacità prevista di 61 milioni di galloni all'anno di diesel rinnovabile, carburante sostenibile per aviazione (SAF), nafta rinnovabile e GPL a basso contenuto di carbonio. L'impianto potrà produrre fino al 60% di SAF ed è progettato per adattare la produzione in base alle condizioni di mercato.
La joint venture sfrutta l'infrastruttura esistente di Par Pacific, la tecnologia di pretrattamento di Lutros LLC e unisce competenze nell'approvvigionamento delle materie prime, nell'ottimizzazione commerciale e nell'accesso ai mercati del bacino del Pacifico.
Par Pacific Holdings (NYSE:PARR) ha anunciado una empresa conjunta estratégica llamada Hawaii Renewables, LLC con Mitsubishi Corporation y ENEOS Corporation. La asociación implica que Mitsubishi y ENEOS formen Alohi Renewable Energy, LLC, que adquirirá una participación accionaria del 36,5% por 100 millones de dólares, mientras que Par Pacific conservará el resto del interés.
La instalación, actualmente en construcción en Kapolei, Hawái, será la mayor planta de fabricación de combustibles renovables del estado, con una producción estimada de 61 millones de galones anuales de diésel renovable, combustible de aviación sostenible (SAF), nafta renovable y GLP de bajo carbono. La planta puede producir hasta un 60% de SAF y está diseñada con flexibilidad para ajustar la producción según las condiciones del mercado.
La empresa conjunta aprovecha la infraestructura existente de Par Pacific, la tecnología de pretratamiento de Lutros LLC y combina experiencia en la adquisición de materias primas, optimización comercial y acceso al mercado en la cuenca del Pacífico.
Par Pacific Holdings (NYSE:PARR)는 Mitsubishi Corporation 및 ENEOS Corporation과 함께 Hawaii Renewables, LLC라는 전략적 합작법인을 발표했습니다. 이 파트너십을 통해 Mitsubishi와 ENEOS는 Alohi Renewable Energy, LLC를 설립하여 1억 달러에 36.5%의 지분을 인수하며, Par Pacific은 나머지 지분을 유지합니다.
현재 하와이 카폴레이에 건설 중인 이 시설은 주에서 가장 큰 재생 연료 제조 시설이 될 예정이며, 연간 6100만 갤런의 재생 디젤, 지속 가능한 항공 연료(SAF), 재생 나프타, 저탄소 LPG를 생산할 계획입니다. 이 공장은 최대 60% SAF 생산이 가능하며 시장 상황에 따라 생산량을 조절할 수 있도록 설계되었습니다.
합작법인은 Par Pacific의 기존 인프라, Lutros LLC의 전처리 기술을 활용하며, 원료 조달, 상업 최적화, 태평양 지역 시장 접근에 대한 전문성을 결합합니다.
Par Pacific Holdings (NYSE:PARR) a annoncé une coentreprise stratégique nommée Hawaii Renewables, LLC avec Mitsubishi Corporation et ENEOS Corporation. Le partenariat prévoit que Mitsubishi et ENEOS créent Alohi Renewable Energy, LLC, qui acquerra une participation de 36,5 % pour 100 millions de dollars, tandis que Par Pacific conservera l'intérêt restant.
L'installation, actuellement en construction à Kapolei, Hawaii, sera la plus grande usine de production de carburants renouvelables de l'État, avec une production prévue de 61 millions de gallons par an de diesel renouvelable, de carburant d'aviation durable (SAF), de naphta renouvelable et de GPL à faible teneur en carbone. L'usine peut produire jusqu'à 60 % de SAF et est conçue pour ajuster la production en fonction des conditions du marché.
La coentreprise s'appuie sur l'infrastructure existante de Par Pacific, la technologie de prétraitement de Lutros LLC, et combine une expertise en approvisionnement en matières premières, optimisation commerciale et accès au marché dans le bassin du Pacifique.
Par Pacific Holdings (NYSE:PARR) hat ein strategisches Joint Venture namens Hawaii Renewables, LLC mit Mitsubishi Corporation und ENEOS Corporation angekündigt. Die Partnerschaft sieht vor, dass Mitsubishi und ENEOS Alohi Renewable Energy, LLC gründen, das einen 36,5%igen Anteil für 100 Millionen US-Dollar erwerben wird, während Par Pacific den verbleibenden Anteil behält.
Die Anlage, die derzeit in Kapolei, Hawaii, im Bau ist, wird die größte Produktionsstätte für erneuerbare Kraftstoffe im Bundesstaat sein und voraussichtlich 61 Millionen Gallonen jährlich erneuerbaren Diesel, nachhaltigen Flugkraftstoff (SAF), erneuerbares Naphtha und kohlenstoffarmes LPG produzieren. Die Anlage kann bis zu 60% SAF herstellen und ist flexibel ausgelegt, um die Produktion je nach Marktlage anzupassen.
Das Joint Venture nutzt die bestehende Infrastruktur von Par Pacific, die Vorbehandlungstechnologie von Lutros LLC und kombiniert Fachwissen in der Rohstoffbeschaffung, kommerziellen Optimierung und Marktzugang im Pazifikraum.
- Strategic $100 million investment from major partners Mitsubishi and ENEOS
- Facility will be Hawaii's largest renewable fuels plant with 61 million gallons annual production capacity
- Flexible production capability with up to 60% SAF output
- Leverages existing infrastructure and new pretreatment technology for cost advantages
- Access to expanded distribution network including Mitsubishi's Long Beach terminal
- Project completion and operational status subject to construction risks
- Transaction still requires regulatory approvals
- Production output dependent on successful feedstock procurement
Insights
Par Pacific's $100M renewable fuels JV with Mitsubishi and ENEOS strengthens its market position while diversifying into high-growth sustainable fuels.
This strategic joint venture represents a significant advancement in Par Pacific's renewable energy portfolio. The
The economics are particularly compelling here. By converting existing infrastructure at Par Pacific's Kapolei refinery rather than building greenfield facilities, the partners achieve substantial capital efficiency advantages over typical renewable fuel projects. The facility's 61 million gallon annual capacity establishes Par Pacific as Hawaii's dominant renewable fuels producer.
What makes this venture strategically valuable is its operational flexibility. The ability to adjust production between sustainable aviation fuel (SAF) and renewable diesel depending on market conditions provides a hedge against market volatility. With Hawaii's substantial air travel market, the
The partnership structure leverages complementary strengths: Par Pacific contributes refining assets and operational expertise; Mitsubishi brings global feedstock procurement capabilities and West Coast terminal access; while ENEOS adds deep fuel refining experience across Asia-Pacific markets. This creates a vertically integrated renewable fuels operation with optimized supply chain economics.
With construction already underway and operations expected by year-end, Par Pacific investors should see near-term revenue contributions. The timing is opportune as regulatory frameworks increasingly favor renewable fuel production through incentives like Low Carbon Fuel Standard credits and RIN generation under the Renewable Fuel Standard.
HOUSTON and TOKYO, July 21, 2025 (GLOBE NEWSWIRE) -- Par Pacific Holdings, Inc. (including its subsidiaries and affiliates, “Par Pacific”), Mitsubishi Corporation (“Mitsubishi”), and ENEOS Corporation ("ENEOS”) today announced the signing of definitive agreements to establish Hawaii Renewables, LLC (“Hawaii Renewables”), a joint venture to produce renewable fuels at Par Pacific’s refinery in Kapolei Hawaii. Mitsubishi and ENEOS will form Alohi Renewable Energy, LLC, which will acquire a
Hawaii Renewables will leverage Par Pacific's existing refining and logistics infrastructure and Lutros, LLC’s new and advantaged pretreatment technology. Construction is currently underway, and the facility is expected to be completed and operational by the end of the year. Once fully operational, Hawaii Renewables will be the state’s largest renewable fuels manufacturing facility and is expected to produce approximately 61 million gallons per year of renewable diesel (“RD”), sustainable aviation fuel (“SAF”), renewable naphtha and low carbon liquified petroleum gases.
The facility is designed to produce up to
This strategic partnership will combine Par Pacific’s advantaged West Coast and Pacific asset base and operational capabilities with Mitsubishi’s global integrated business, including access to Mitsubishi’s Petro-Diamond Inc. Terminal in Long Beach, California and global feedstock procurement expertise. As Japan's leading energy company, ENEOS will strengthen the partnership by leveraging its historical success in fuel refining and trading across Asia-Pacific and North America.
“We are thrilled to partner with Mitsubishi and ENEOS through the formation of this strategic joint venture,” said Will Monteleone, Par Pacific’s President & Chief Executive Officer. “Creating the Hawaii Renewables joint venture brings together the best of our three organizations and yields additional scale and expertise across feedstock origination, commercial optimization, and market access throughout the Pacific Basin.”
“We are so honored to partner with Par Pacific in the renewable fuels business," said Masaru Saito, Group CEO, Environmental Energy Group, Mitsubishi Corporation. "We view this partnership as an important step for our SAF initiative, supporting aviation sector decarbonization across Hawaii and beyond through our feedstock procurement and renewable fuels sales expertise."
“We anticipate this project will deliver a stable supply of energy and contribute to a carbon-neutral society,” said Marcus Echigoya, Senior Vice President, Managing Executive Officer, ENEOS Corporation. “ENEOS aims to contribute to this initiative by utilizing our deep experience in fuel refining and marketing, with an emphasis on enhancing Hawaii Renewable’s feedstock procurement capabilities.”
The closing of the joint venture transaction is subject to customary closing conditions and regulatory approvals. Lazard served as financial advisor to Par Pacific on this transaction.
About Par Pacific
Par Pacific Holdings, Inc. (NYSE: PARR), headquartered in Houston, Texas, is a growing energy company providing both renewable and conventional fuels to the western United States. Par Pacific owns and operates 219,000 bpd of combined refining capacity across four locations in Hawaii, the Pacific Northwest and the Rockies, and an extensive energy infrastructure network, including 13 million barrels of storage, and marine, rail, rack, and pipeline assets. In addition, Par Pacific operates the Hele retail brand in Hawaii and the “nomnom” convenience store chain in the Pacific Northwest. Par Pacific also owns
About Mitsubishi Corporation
Mitsubishi Corporation is a global integrated business enterprise that develops and operates business together with its offices and subsidiaries worldwide. MC has eight Business Groups that operate across virtually every industry: Environmental Energy, Material Solution, Mineral Resources, Urban Development and Infrastructure, Mobility, Food Industry, Smart-Life Creation, and Power Solution.
About ENEOS Corporation
ENEOS Group is Japan’s leading energy company with manufacturing and sales facilities throughout the world. ENEOS has developed businesses in the refining and marketing of petroleum products, petrochemical products, and lubricants. While fulfilling our responsibility of providing a stable supply of energy and materials both now and in the future, we will realize a carbon neutral society through energy transition. This is also a great challenge for mankind, and we, the ENEOS Group, will maximize our corporate value by steadily taking on the challenge.
Forward-Looking Statements
This news release includes certain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to qualify for the “safe harbor” from liability established by the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact are forward-looking statements. Forward-looking statements include, without limitation, statements about Par Pacific's plans to invest in renewable fuels production. There can be no assurances that Par Pacific will be successful in its renewable fuels production efforts, which are subject to various risks and uncertainties. We cannot provide assurances that the assumptions upon which these forward-looking statements are based will prove to have been correct. Should one of these risks materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those expressed or implied in any forward-looking statements, and investors are cautioned not to place undue reliance on these forward-looking statements, which are current only as of this date. We do not intend to update or revise any forward-looking statements made herein or any other forward-looking statements as a result of new information, future events or otherwise. We further expressly disclaim any written or oral statements made by a third party regarding the subject matter of this news release.
Par Pacific Contacts
Investors:
Ashimi Patel
VP, Investor Relations & Sustainability
+1 (832) 916-3355
apatel@parpacific.com
Media Inquiries:
Marc Inouye
Director, Government & Public Affairs
+1 (808) 203-2344
minouye@parpacific.com
Mitsubishi Corporation Contacts
Media Inquiries:
Telephone: +81-3-3210-2171
ENEOS Contacts
Media Inquiries:
pr@eneos.com
FAQ
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