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The U.S. refining sector was battered in 2020 by lockdowns and travel restrictions, pushing the San Antonio–based refiner to a $1.4 billion loss. That compares with 2019’s $2.4 billion profit. One saving grace came from Valero’s renewable fuels business, which capitalized on the push for low-carbon alternatives to fossil fuels. The company now expects to invest half of its growth capital in renewable diesel. As part of its expansion, last year Valero approved a new diesel plant that is expected to begin operations in 2023.
Bing Guan—Bloomberg via Getty Images
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