Environmental issues challenge refiners in US East and West Coasts

摘要

In the East Coast state of Pennsylvania,the EPA is offering further relief to bankrupt independent refiner Philadelphia Energy Solutions (PES)from its Renewable Fuel Standard (RFS)compliance requirements.The EPA has placed a $10MM cap on PES's RFS obligations,according to a proposed setdement between the two parties dated during the week to May 8.This would be a drastic reduction in PES's obligations as the bankrupt firm currendy owes 161,830,963 Renewable Identification Numbers (RINs)to comply with the RFS.The total cost of those RINs was estimated at $35MM,so the $10MM cap represents a significant savings for PES.