Paramount Refinery
World Energy announced a $350 million investment over the next two years to complete the conversion of its Paramount, California facility into one of the cleanest fuel refineries in the world. The project will enable World Energy Paramount to process 306 million gallons annually. The conversion to renewable jet, diesel, gasoline and propane will reduce both refinery and fuel emissions while supporting more than 100 advanced, green economy jobs.
Gene Gebolys, Chief Executive Officer of Boston based World Energy Paramount said, "Today, we are making significant investments in California that will allow us to create more local construction and full- time jobs. This facility is a direct and tangible result of environmental policies passed by the California State Legislature."
Congresswoman Lucille Roybal-Allard, State Senator Henry Stern, California Air Resources Board Chairwoman Mary Nichols, former State Senator Fran Pavley, the South Coast Air Quality Management District, Paramount's Mayor, and City Council members, and the Paramount Chamber of Commerce were among the elected officials, policymakers, climate and community leaders in attendance.
"The environmental state policies we have written are working and have paved the way for these significant investments in our communities," said Assembly Speaker Anthony Rendon. "World Energy is demonstrating the economic potential of renewable fuels for California."
"This project will transform the Paramount facility into California's most important hub for the production and blending of advanced renewable fuels," said Bryan Sherbacow, Chief Commercial Officer of World Energy. "This investment will better enable us to deliver much needed low-carbon solutions to our customers. Importantly, with 150 million gallons of annual renewable jet production capacity, World Energy will be able to help the commercial aviation industry combat its greenhouse gas emissions."
