Dentons assisted Eni Sustainable Mobility in entering into the agreements for a strategic partnership with PBF Energy in a 50-50 joint venture named St. Bernard Renewables (SBR) in relation to the biorefinery, currently under construction, co-located with PBF’s Chalmette Refinery in Louisiana, US, dedicated to the biorefining and production of HVO Diesel (Hydrotreated Vegetable Oil, commonly known as ‘renewable diesel’ in North America). The transaction is subject to customary closing conditions, including regulatory approvals.

Eni Sustainable Mobility will contribute capital totaling US$835 million plus up to additional US$50 million, subject to the achievement of eventual project milestones, and will provide expertise in biorefining operations, supply and marketing. PBF brings its strong industrial knowhow in the US and will continue to manage project execution and serve as the operator once construction is complete. The St. Bernard Renewables biorefinery is scheduled to start operations in the first half of 2023.

Dentons advised Eni's in-house legal department and Eni Sustainable Mobility with a multijurisdictional team from Italy and the US, led by partner Barbara Urselli (Rome), partner Barry Cannaday (Dallas/Houston), and counsel Jay Beatmann (New Orleans). Partner Max Carr-Howard (Washington, DC) advised on compliance aspects and partner Michael Zolandz (Washington, DC) advised on CFIUS issues related to foreign investments in the US. Partner Michele Carpagnano (Rome) and associate Giulia Giordano (Rome) handled the competition and antitrust issues of the transaction, coordinated the global merger control analysis activities, and supported the M&A team in the related contractual aspects. Partner Ausra O. Deluard looked after US antitrust law.

About Dentons

Redefining possibilities. Together, everywhere. For more information visit dentons.com