Par Pacific, Mitsubishi, ENEOS Launch $274M Renewable Fuels JV in Hawaii

Par Pacific Holdings, Mitsubishi Corporation, and ENEOS Corporation have formed a joint venture named Hawaii Renewables, LLC to produce renewable fuels at Par Pacific's refinery in Kapolei, Hawaii. The $274 million project, expected to be operational by late 2025, aims to produce approximately 61 million gallons annually of renewable diesel, sustainable aviation fuel (SAF), renewable naphtha, and low-carbon liquefied petroleum gases, with SAF making up 60% of the output to target Hawaii’s aviation sector. This venture leverages Par Pacific’s refining infrastructure and Lutros, LLC’s pretreatment technology, along with Mitsubishi’s global feedstock procurement and ENEOS’s refining expertise. The project aligns with global decarbonization goals and regulatory mandates such as the U.S. Low Carbon Fuel Standard and the EU’s ReFuelEU Aviation initiative, addressing Hawaii’s transportation-related emissions. Hawaii Renewables is poised to be the state’s largest renewable fuels manufacturing facility, supporting the reduction of greenhouse gas emissions and the transition to low-carbon transportation fuels. Despite Par Pacific’s financial challenges impacting its stock rating, the joint venture reflects a strategic move into the growing sustainable aviation fuel market and energy decarbonization efforts in the Pacific region.