Par Pacific Holdings, Inc. announced on October 23, 2025 that it has closed a joint venture with Mitsubishi Corporation and ENEOS Corporation, forming Hawaii Renewables, LLC. The partnership gives Mitsubishi and ENEOS a 36.5% equity stake in the venture in exchange for $100 million in cash, while Par Pacific retains the remaining interest and will operate the Renewable Fuels Facility through its affiliate, Par Hawaii Refining, LLC.
The facility, located at Par Pacific’s Kapolei refinery in Hawaii, is slated to be the state’s largest renewable fuels manufacturing plant. It is expected to produce approximately 61 million gallons per year of renewable diesel, sustainable aviation fuel, renewable naphtha, and low‑carbon liquefied petroleum gases, thereby diversifying Par Pacific’s product mix and tapping growing demand for low‑carbon fuels in the Pacific region.
Strategically, the joint venture positions Par Pacific as a key player in the emerging renewable fuels market, leveraging its existing refining and logistics infrastructure. The partnership not only expands the company’s revenue base but also strengthens its competitive advantage in niche markets where it already enjoys a resilient foothold. The closing of the JV marks a significant milestone in Par Pacific’s broader strategy to enhance long‑term earnings power through renewable fuel development.
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