LA County Economic Development Corp. releases report on World Energy’s refinery-conversion project
The Los Angeles County Economic Development Corp.’s Institute for Applied Economics released a multiregional economic impact analysis June 28 of World Energy’s Paramount, California, facility. The report describes the economic impact of World Energy’s ongoing operations and its planned renewable fuels project, which will convert the legacy petroleum refinery into one of the world’s most advanced clean-energy hubs.
The LAEDC estimates that between 2019 and 2024, World Energy’s ongoing operations and conversion will contribute $19.2 billion to the U.S. economy and generate more than 18,000 jobs. The study was commissioned by World Energy.
“The conversion of petroleum refineries like this one helps continue the advancement of the Los Angeles region as a hub for clean-energy production, innovation, and job creation,” said Stephen Cheung, the chief operating officer of LAEDC. “The research from our report highlights that clean energy has a positive result for our economy and workforce.”
Gene Gebolys, CEO of World Energy, said, “World Energy works every day to create a better future for the Los Angeles region, California, and the world. We are proud to drive economic growth and create green jobs while accelerating the transition to low-carbon energy solutions.”
The report describes the economic impact of the company’s ongoing operations and the planned refinery-conversion project. According to the report, the LAEDC estimates that $2 billion of capital expenditures through the project will add almost $1.7 billion in output, more than $636 million in labor income, and more than $195 million in total tax revenues in California.
Additionally, the total employment impact in California related to operations at Paramount is estimated to grow from about 1,360 jobs in 2019 to 5,360 jobs in 2024. The resulting annual labor income of these jobs will also grow from about $102 million to almost $404 million in the state, a sum total of $1.1 billion during the six-year period.
World Energy’s project will convert the former petroleum refinery and asphalt plant into a 100 percent clean-energy facility. The report highlights how World Energy will support regional climate and environmental goals.
As a provider of low-carbon solutions, World Energy’s ongoing activities and expanded business footprint in Paramount will provide immediate and near-future solutions to local and statewide ambitions around climate change, emissions reduction, and public health.
The increased clean-energy production will significantly reduce fine particulate matter (PM) emissions in trucks, trains, and planes in the Southern California region.
To access the report, click here.