Richmond Refinery

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Richmond Refinery
company Chevron USA, Inc.
State California
location Richmond
current capacity 242,901 bpd
project type expansion

Project Summary

This project entails a hydrogen plant replacement, a new power plant replacement, a reformer replacement, and hydrogen purity improvements. This expansion would “allow the refinery to use a wider range of crude oils." [1]. It is unclear whether this "wider range" includes tar sand crude, but some observers believe that this expansion does envision processing tar sand crude [2].

Permitting Status

Community meeting regarding BAAQMD "air quality permit application" and Draft Environmental Impact Report (DEIR) (under CEQA) held Feb. 13, 2008. Once the Final EIR is issued, a 30-day statute of limitations runs on court challenges. While it appears that the construction permit application has been filed with the BAAQMD, it does not appear that a draft permit has yet issued.[1]

EIR under CEQA pending. Construction permit application submitted to BAAQMD. No draft permit yet issued.[1]

Relevant Documents

Financing

No definitive evidence has been found yet linking third party financing to the Richmond Refinery expansion, however Chevron has entered into various financial arrangements for "general corporate finance".

  • On June 8, 2007, Chevron issued a press release announcing its intention to “Purchase Debt Securities for Cash.” Bank of New York served as Depositary for the offer. Citigroup Global Markets Inc. and Lehman Brothers Inc. served as the Dealer Managers for the offer. [3]
  • Then on March 8, 2007, the Chevron Canada Funding Company signed an indenture agreement with JPMorgan Chase Bank as trustee. Similarly, on November 14, 2003, Chevron Capital USA Inc. signed an indenture agreement with JPMorgan Chase Bank, as Trustee. [4]
  • On February 10, 2003, Chevron entered into a $750,000,000 underwriting agreement with Goldman Sachs & Co and Lehman Brothers Inc. as the largest underwriters ($225,000,000 a piece), followed by Salomon Smith Barney Inc. at $112,500,000, and then the following banks each at approximately $15,750,000: ABN Amro Inc.,
  • Banc of America Securities LLC, Banc One Capital Markets, Inc., Blaylock & Partners, L.P., BNP Paribas Securities Corp. Loop Capital Markets, LLC, Merrill Lynch, Pierce, Fenner & Smith Inc., Morgan Stanley & Co. Inc., Muriel Siebert & Co., Inc., Samuel A. Ramirez & Co., Inc., SG Cowen Securities Corp., and The Williams Capital Group, L.P. [5]
  • On September 6, 2002, Chevron entered into a $2 billion underwriting agreement. Once again, Goldman, Sachs & Co. and Lehman Brothers Inc. were the largest underwriters with $600,000,000 a piece, and Salomon Smith Barney Inc. followed at $300,000,000. At $50,000,000 each were ABN AMRO Inc., Banc of America Securities LLC, Blaylock & Partners, L.P., J.P. Morgan Securities Inc., Merrill Lynch, Pierce, Fenner & Smith Inc.,
  • Morgan Stanley & Co. Inc., Scotia Capital (USA) Inc., Muriel Siebert & Co., Inc. Utendahl Capital Partners, L.P. and The Williams Capital Group, L.P. [6]
  • On October 7, 1999, Chevrontexaco Corp. entered a $500,000,000 underwriting agreement with Lehman Brothers Inc. in the lead at $275,000,000, followed by Goldman Sachs & Co. and Morgan Stanley & Co. Inc. at $90,000,000, and Blaylock & Partners, L.P., Utendahl Capital Partners, L.P., and The Williams Capital Group, L.P. each at $15,000,000. [7]

Opposition

Local Groups

Regional and National Groups


References

  1. 1.0 1.1 Environmental Integrity Project, "Status of Refinery Air Permitting Actions for Oil Refineries in the United States", May 7, 2008