Vertex Energy secures loan commitment for Mobile refinery acquisition

Vertex Energy stated Feb. 22 that its wholly owned subsidiary Vertex Refining Alabama LLC has entered into a commitment letter with a syndicate of lenders for a $125 million loan the company expects to use for acquisition of a petroleum refinery in Mobile, Alabama, which it plans to convert to renewable diesel production.

The loan is subject to Vertex closing on the purchase of the refinery in the first quarter of this year.

Earlier this month, Vertex Energy announced it has entered into a five-year offtake agreement with Idemitsu Apollo Renewable Corp. for all the renewable diesel to be produced at the planned, converted refinery.

Click here for more information on the loan.